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Murray Beith Murray is a leading Scottish private client law firm.

For over 170 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.

How can I reclaim tax?

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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.

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Mortgage Interest Relief - Going, Going, Gone!

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The end of the current tax year will see the phasing out period finalised in respect of relief for mortgage interest on rental profits.  

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It is not too late to carry out tax planning in the current tax year

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As the end of the current tax year approaches now is a good time to review your tax and financial position. Making use of available allowances and exemptions could potentially avoid unnecessary tax payments. There are a number of options to mitigate your exposure to tax and some of these may be applicable to your individual circumstances.  

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Inheritance tax to be replaced by gift allowance system under new proposals

peterOn 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.

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Changes to Private Residential Reliefs

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Significant changes and modifications to tax relief come into force from 6 April 2020, which will impact those who hold property as an investment. With just over a week until the UK Budget on Wednesday 11th March, and just over a month until the end of the 2019/20 tax year, it is important for property investors to review their affairs and explore possible tax planning opportunities ahead of this date.

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