- Cash both in hand and in all bank accounts (current and savings), cash lent to others, salary, benefits and rental income etc.
- Money lent to others (if you are sure that the money will be returned)
- Interest and impure wealth is not subject to Zakat. They must be given away to charity without intending any reward.
Enter the value in pounds
Value your gold at your local jeweller
Anything you buy with the intention of trade.
This can be if you buy and sell products online or you have a shop outlet. You have to add all your inventory at the sale price not the buying price.
- STOCK: if there are raw materials include current value.
Stock held in business have Zakat on their market value. With regards to shares if they were bought as commodities then the market value of the shares is determined as an asset. However, if bought as a long-term investment then the Zakatable proportion represented in the share and the annual dividends would be added instead.
The zakatable portion of personal pensions and 'money purchase' pensions have to be determined on the Zakat date and considered as an asset. As for final salary pensions, they are not Zakatable.
If a property is purchased solely for earning rent and not to sell at a later date, the property itself is not Zakatable. Any rental income that remains on the Zakat due date is, however, Zakatable. However, if you purchased a property to sell at a later date for profit, then you have to pay Zakat on the total value of your property at the market value on the Zakat due date.
You may have livestock and land in your ownership. Please refer to the livestock guide for more details. If the land is purchased with the intention to sell you have to include the current market value.
A payment like the council tax, if it's overdue at Zakat Date can be deducted.
Not future bills. But outstanding ones at your Zakat Date
Any debt that is payable beyond the month, such as a mortgage - you cannot deduct the total amount. Only deduct the month's payment.
A personal loan, for example, deduct the month's payment at Zakat Date.
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