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.
Coronavirus is having a profound impact on many aspects of our lives. With many people facing difficulties during these extraordinary times, providing financial assistance and support to family and friends is at the forefront of people’s thoughts. However, if careful planning is not carried out beforehand, you may find yourself inadvertently subject to an unwelcome charge to Inheritance Tax in the future.
If you are self-isolating or shielding during the coronavirus outbreak, you may be concerned about how you will take care of your financial affairs. There are measures you can put in place to allow someone you trust to handle these matters while you are unable to.
As we wrote in our articles of 26 November 2018 and 20 March 2019, the Scottish Government intends to update the rules on what should happen if someone dies intestate (without a Will), in an attempt to fairly reflect a diverse and modern society.
Hourglass, the UK charity dedicated to safer ageing, recently warned that coronavirus isolation could lead to an increase in the abuse and neglect of older adults by intensifying existing tensions and removing protections, such as regular contact with people outside of their household or immediate family. Even before the virus hit Scotland, the charity’s data revealed that tolerance of abuse of over-65s was already at a worrying level within the population.
If you have recently inherited shares that have now collapsed in value due to the coronavirus pandemic, you could be entitled to a substantial inheritance tax (IHT) repayment.
