Business Property Relief (BPR) is a form of inheritance tax relief available on certain types of business property, designed to protect family businesses from the burden of inheritance tax upon the death of an owner.
An exemption from capital gains tax that applies to gains from the disposal of chattels, which are items of movable personal property, provided their value is less than £6,000. It does not apply to wasting assets.
Debt Discharge Income refers to the forgiven portion of outstanding debt that becomes taxable income to the borrower, subject to specific exemptions.
The estate tax is a levy on the total value of a decedent's estate, including all real, tangible, and intangible property, minus any liabilities. This tax is levied by the government based on the estate's fair market value at the time of death. The amount due may be reduced by applying available credits and exemptions. Comprehensive knowledge of federal and state tax laws is necessary for accurate calculation and assessment.
Exempt transfers are specific types of gifts or transfers that result in no liability to inheritance tax due to their special exemptions under tax law.
A tax-advantaged savings account available in the UK that allows individuals to save or invest a certain amount per year without paying personal income tax or capital gains tax on the earnings.
Inheritance Tax (IHT) is a tax introduced in the Budget of 1986, charged on the estate of a deceased individual domiciled in the UK or on UK property owned by a non-domiciled individual. It applies retrospectively on certain lifetime gifts and includes exemptions and potential allowances.
A nonrecognition transaction refers to any disposition of property in which the gain or loss is not recognized in whole or part under tax laws, like a like-kind exchange.
Exemptions from withholding for the taxpayer, spouse, and dependents, used in calculating the amount of income tax to be withheld from periodic wage payments.
A tax allowance is a threshold within the tax code that partially or completely exempts certain amounts of income, spending, or investment from taxation. This allowance can reduce the amount of tax that must be paid.
