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  • Inheritance tax thresholds

    Hi - I'm not sure how the £325,000 inheritance tax threshold works for couples who own property jointly. It seems the threshold is increased to £500,000 for owned property, and no inheritance tax is paid on a transfer from husband to wife Say a couple own a £1m house jointly, and have a total estate valued at £1.5m. If the man dies, the house is passed to his wife with no inheritance tax If the woman then dies, and the estate is passed to her children, what is the inheritance tax threshold? £500,000 plus the man's unused £325,000 threshold = £825,000? So £675,000 is taxable? Thank you
  • RE: Non-Resident landlord in the US

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  • Non-Resident landlord in the US

    Hi - I am a UK citizen, resident in the USA. I am renting out my apartment in the UK while I am abroad. I understand that I will need to pay tax in the US on any income, but also report income to HMRC via self assessment, is that correct? How will my tax in the UK be calculated? I have salary income in the US, but no other income in the UK. Will I be able to use all of my personal allowance in the UK for the rental income? Thank you
  • Who is responsible for paying tax on rental income?

    Can the landlord of a property be someone different to the owner? E.g. can one sibling act as a landlord for a property another sibling owns? If so, who is taxed on any rental income - the owner, the landlord, the person who owns the account that rent is paid into, etc?