A capital gain arises when certain capital (or 'chargeable') assets are sold at a profit. The gain is the sale proceeds (net of selling costs) less the purchase price (including acquisition costs).
Only a property occupied as a residence can qualify for the exemption. An investment property in which you have never lived would not qualify.
Inheritance tax (IHT) is levied on a person’s estate when they die, and certain gifts made during an individual’s lifetime.
Inheritance tax (IHT) was introduced over approximately 30 years ago and broadly charges to tax certain lifetime gifts of capital and estates on death.
Land and Building Transaction Tax (LBTT) is payable by the purchaser in a land transaction which occurs in Scotland.
Land Transaction Tax (LTT) is payable by the purchaser of property in Wales.
Stamp Duty Land Tax is payable by the purchaser in a land transaction which includes a simple conveyance of land such as buying a house but also creating a lease or assigning a lease.
Trusts are a long established mechanism which allow individuals to benefit from the assets whilst others (the trustees) have the legal ownership and day to day control over the assets.
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