From 6 April 2017, the ability to deduct mortgage interest from rental income is being phased out gradually until April 2020, when after that date, only tax relief will be allowable as an adjustment to a Landlord’s tax liability.
Business owners invest a great deal of blood, sweat and tears in building the family business. It’s an environment which often cultivates a “business first” culture. What is often neglected is the careful planning for the continuity of the business at the key stages in the business lifecycle, including the death or incapacity of the family business owners. Here are Murray Beith Murray’s tips for taking care of the bigger picture.
Inheritance tax (“IHT”) payments have hit yet more record highs, according to data recently released by HM Revenue & Customs (HMRC). HMRC collected £5.4 billion in Inheritance tax (IHT) in the year to March 2019. This represents a £160 million increase from the same period a year ago.
Murray Beith Murray Partner, Peter Shand, has written the article below for The Scotsman today (Monday 13 May), which includes a quote from family business specialist Mairi Mickel, Consultant and Founder of Mairi Mickel’s Business Families: