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.
In the lead up to the 2020 Budget it had been rumoured that changes to the current Pension Tapering Allowance rules would be announced. However, it was unknown whether this would be a change increasing the tapering thresholds or reducing the thresholds. In a move that Rishi Sunak advised would positively impact hundreds of thousands of higher earners, in particular senior medical professionals, the respective thresholds were increased by £90,000 from 6 April 2020.
It is understandable that the current lockdown is having a significant impact on courts in Scotland and challenging for the Scottish Courts and Tribunals Service (SCTS) to prioritise essential court proceedings.
New rules which came in to force from 6 April 2020, accelerate the payment deadline for Capital Gains Tax on UK residential property disposals to 30 days of the sale. This is a tight timescale and very different from the payment deadlines under the ‘old’ rules. However, on 9 April, HMRC confirmed it will not charge late filing penalties for reports of Capital Gains Tax on disposals of UK residential property by UK residents made by 31 July 2020.
If COVID-19 has taught us anything, it is the importance of being prepared for any eventuality. At the present time, many individuals are understandably worried about their business, property, savings, and personal assets. Having worked incredibly hard during your lifetime to build up your estate, it is entirely reasonable to worry about what Coronavirus may mean for you and your loved ones. The important point to remember through all of this is that you can put in place measures to protect your estate at any time, assuming you have the capacity to do so. The peace of mind afforded by making even small steps towards effective estate planning cannot be underestimated. Remember too, specialists in estate planning law are here to help and guide you through the process of working out a suitable strategy and then putting it in place without delay. In this article, we will explain just three of the estate planning mechanisms you should consider and implement to mitigate the potential effects of Coronavirus.
The UK’s tax regime is anything but straightforward with a constantly shifting set of rules, further complicated by the recent COVID-19 pandemic’s impact on legislation and the practicalities of communicating and transacting with HMRC at this time. It has never been more important to seek specialist tax advice to manage potential risks and utilise the best options available to you.
