100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Estate Planning - PERSONAL FINANCE - Lecture 11 notes £2.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. London South Bank University (LSBU)
  4.  
  5. London South Bank University
  6.  
  7. Personal Finance (BAF6PFI)

Lecture notes

Estate Planning - PERSONAL FINANCE - Lecture 11 notes
 5 views  0 purchase

Personal Finance is an option module for students studying Accounting and Finance. This document covers: estate planning, Capital Gains Tax, inheritance tax, transfers between spouses, gifts, potentially exempt transfers (PETs), wills, misconceptions about wills, rules of intestacy, general princip...

[Show more]

Preview 1 out of 9  pages

Document information

  • May 29, 2021
  • 9
  • 2020/2021
  • Lecture notes
  • -
  • Estate planning

Subjects

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

All for this textbook (13)

Written for

All documents for this subject (13)

Seller

avatar-seller
SupplementaryStudyNotes

Reviews received

Content preview

Module: Personal Finance


Lecture 11 – Estate Planning


Lecture Outline
 Capital Gains Tax = the tax that we pay when we get rid of assets
 Inheritance tax = a tax that surviving relatives have to pay
 What happens when people die
 The importance of writing a will
 Financial problems


Capital Gains Tax
If you sell an asset in the UK and you make a capital gain on that sale, then you are
liable for capital gains tax on that gain.

Anything that you own especially as a mode of investment is considered an asset
that you’ve made money off from.

There are certain things that are exempt from it:
 Personal possessions sold for less than £6,000
 “Principal private residence” or main home, providing that is where the
individual concerned has been living
 Cars, including vintage cars
 Gilts, qualifying corporate bonds
 ISAs, Venture Capital Trusts, Enterprise Investment Schemes


Capital Gains Tax 2021/22
 There are two different rates – one for property and one for other assets.
 If you sell off an asset and you are a basic rate taxpayer, then you pay 10%
on the profit you make on the asset. But if it’s a property, then you pay almost
double.
 You don’t pay tax on the first £12,300


Rates of CGT
The rate at which a taxpayer pays CGT depends on their taxable income.

Capital Gains Tax (CGT) on Shares
 You have to pay CGT on shares
 A lot is left to the taxpayer to declare it

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller SupplementaryStudyNotes. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £2.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

56326 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now

Start selling
£2.99
  • (0)
Add to cart
Added