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  • RE: Inheritance Tax

    I am single with no children and would like to include my 2 nephews and 1 niece in my will. for example, if my assets include a house worth £550,000 (no mortgage) where I’ve lived for over 30 years and savings of around £20,000. Option 1: One of my nephews and my niece live in India and are Indian tax residents. My other nephew is a UK resident and subject to UK taxes. If I divide my assets equally between all three, how will inheritance tax (IHT) be applied? Specifically, will only the UK-resident nephew pay tax on amounts exceeding the £325,000 threshold, since the other two are non-UK residents? Option 2: If I decide to leave my house as a gift to my nephew and niece in India (non-UK residents), will they still need to pay inheritance tax? Is it possible to gift UK property to people living abroad without incurring IHT? I’ve read on the government website that non-UK residents usually don’t pay IHT on UK assets. Here’s the reference link: https://www.gov.uk/tax-uk-income-live-abroad/selling-or-inheriting-assets#:~:text=a%20UK%20resident-,Selling%20or%20inheriting%20assets,assets%20located%20in%20the%20UK
  • Capital gain tax paid & self assessment

    We sold an investment house and paid the capital gain tax within 60 days for both my husband and I. When I filled in my self assessment tax form one of the question was did I dispose an asset so I put in all the details, there was no option to say that we had paid the tax. On the tax calculation it calculated that I have to pay more tax for the capital gain tax. My question here is do I need to include the sale of the house on my self assessment form as I have already paid the capital gain tax?