Inheritance Tax (IHT) can be a significant burden on your estate, potentially reducing the amount you can pass on to your loved ones. However, there are a number of strategies you can use to mitigate your IHT liability and ensure your estate is distributed as you wish. In this article, we will explore some of the most effective ways to reduce your estate’s tax burden.
This article will help you understand why budget changes have come into force as well as how they affect UK expats that reside in USA
An NT (no tax) code is granted to individuals who receive UK-sourced income and reside in a country that has a double taxation agreement with the UK. Within a UK pension, including a SIPP, your gross pension is subject to PAYE income tax unless you personally apply to HM Revenue & Customs (HMRC) for exemption on the grounds that you are non‐resident.
Pension simplification came into effect from 6th April 2006 to rationalise the British tax system in regards to pension schemes. One of the policies introduced was the lifetime allowance for all UK pensions. The lifetime allowance is the limit on the amount of pension benefits that can be taken without incurring a tax charge.
