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.
For many people, the most valuable asset in their estate on death is their residential property. The value of the property, particularly in cities like Edinburgh, can mean that otherwise small estates become subject to Inheritance Tax. It is important to report an accurate value of the property to HMRC for Inheritance Tax purposes, with fluctuations in the market making this quite challenging for non-professionals.
The recent case of Graham v RCC [2018] UKFT 306 (TC) has resulted in a promising outcome regarding business property relief (BPR) for taxpayers that have property businesses. The taxpayer in this case successfully argued her business was more of a family-run hotel rather than a mere holiday letting, thereby qualifying for this important Inheritance Tax relief. The additional services she offered were the key in distinguishing the business from being classed as investment property.
Murray Beith Murray is delighted to retain its position in the ‘Legal 500 UK 2018’ rankings announced on Monday (29 October) and see a record 6 of our team individually recommended.
The Scottish Government has been considering possible changes to Scottish Succession Law for a number of years and recently published an important update to their intentions.
Ruthven Gemmell has been awarded the Austrian Grand Decoration of Honour for Services to the Republic of Austria, one of the nation’s highest honours.
