UK tax law
UK tax law can be complex, and since everybody in the UK is subject to it in some respect most people would benefit from taking some tax advice. The most everyday of tasks, such as popping to the supermarket, incurs liability under UK tax law. The Value Added Tax Act 1994 provides the legislative provision for charging tax on your supermarket shopping.
UK tax law permeates all of our lives and if you don’t undertake some tax planning, it is highly likely that you are paying more tax than you need to. One type of tax that is becoming increasingly relevant is inheritance tax. Inheritance tax was formally only paid by the very rich people in the UK, the idea being that on the death of the rich their wealth would be redistributed to reduce the divide between rich and poor. However, rises in house prices have meant that in fact most people that own a house in the UK will be subject to paying inheritance tax on their estate on their death. The first £312,000 of a person’s estate is subject to tax payable at 0%, and where the value of the estate exceeds £312,000 the tax is payable at 40% on the excess. A person with an estate in excess of £312,000 would be well advised to talk to a tax advisor about UK tax law as it relates to inheritance tax, so that they may reduce the tax that must be paid from their estate on their death.
There is a wealth of different aspects regarding tax law in the UK, from inheritance to income, from business to personal. The advice of a specialist is highly recommended if you are at all unclear about the different guidelines.
If you would like to obtain legal advice on UK tax law, Caven can put you in touch with a local specialist tax law solicitor free of charge. So, if you have any questions or would like our help in finding local tax law solicitors please call us on 08001 221 2299 or complete the web-form above.
- Last Updated on 08/10/2012