tax

Question 1

IHT rates

Answer 1

40% on value of estate over £325,000

Question 2

What is inheritance tax

Answer 2

a tax on the estate of someone who has died, including all property, possessions and money

Question 3

APR

Answer 3

Agricultural property that qualifies for Agricultural Relief is land or pasture that is used to grow crops or to rear animals.

100%

or

50%

Question 4

BPR

Answer 4

Business Relief reduces the value of a business or its assets when working out how much Inheritance Tax has to be paid.

50%

Or

100%

depending on the asset

only relief on trading assets, over 50% of income is from trading assets able to claim brp on the whole balfour

Question 5

Capital gains tax

Answer 5

tax on the profit from disposing a asset

Question 6

What is CGT charged at

Answer 6

personnel 10 - 20%
property 18 - 28%

Question 7

CGT relief

Answer 7

Business asset disposal relief - 10%
Roll over relief - sell and purchase a new asset - dont pay tax untill the new asset is sold