Murray Beith Murray LLP is a leading Scottish private client law firm.
For 175 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
In what is an unprecedented time, it is important that you can continue to manage your personal legal affairs in the most efficient way possible and feel supported in doing so. Lawyers throughout Scotland – and indeed globally – are thinking fast about ways in which various deeds can be finalised whilst adhering to the social distancing rules amidst the Coronavirus pandemic.
You will no doubt be aware of the Chancellor’s announcement offering financial support to taxpayer’s during these unprecedented times caused by COVID19. The Chancellor’s updated statement can be found here.
In the lead up to the end of the tax year we continue to look at important areas for consideration when reviewing your tax and financial position. Our latest blog considers how to reclaim tax for previous tax years.
The end of the current tax year will see the phasing out period finalised in respect of relief for mortgage interest on rental profits.
On 30 January 2020, the All-Party Parliamentary Group (APPG) for Inheritance & Intergenerational Fairness published a report proposing a radical change to the current inheritance tax (IHT) regime. The report – named Reform on Inheritance Tax – suggests replacing the IHT system with a flat-rate gift tax payable on both lifetime and death transfers.
