Murray Beith Murray LLP is a leading Scottish private client law firm.
For 175 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
An important part of estate planning is to consider and understand inheritance tax. In this article we look at why it is important to understand inheritance tax, as well as the rates, rules and potential exemptions.
If you have an art collection, you will no doubt be aware that it is a valuable asset. However, you may be unsure of the best way to leave this behind after you pass away. Collecting art is, for many people, a lifetime passion, and so it is important that it is left in the right hands. Unfortunately, many people fail to consider their art collection when making a Will, or are unaware that there are several ways to leave cultural assets behind. In this article, we look at leaving gifts of art in your Will, the Cultural Gifts Scheme, and how cultural assets might be valued after you pass away.
People choose to set up trusts for a wide variety of reasons, but if you have a vulnerable person in your life, we understand that you may wish to protect them and provide for them in some specific way. One such way is to set up a vulnerable person’s trust, which can provide both financial and administrative support. This area of the law can be complicated, but in this article, we aim to provide an overview of why you might want to set up a vulnerable person’s trust, what a vulnerable person’s trust is and the process for setting up such a trust.
Murray Beith Murray Partner, Andrew Paterson, writes in The Scotsman today about the importance of succession planning. Read the full article below, republished by kind permission of The Scotsman.
Inheritance tax (“IHT”) payments have increased in yield by a third, according to data recently released by HM Revenue & Customs (HMRC). HMRC collected £1.5 billion in Inheritance tax (IHT) in the tax year to June 2021. This represents a £400 million increase from the same period a year ago.
