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.
While making Wills is typically a priority for couples who own property together, worrying about who dies first often is not.
Making a Will is something that many people put off. However, it is important to take steps now to ensure that your family will be protected should the unthinkable happen.
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.
Despite the turmoil caused by economic uncertainty surrounding Brexit, figures show that the housing market in Scotland has continued to flourish. The average house price in Scotland rose by 2.4 per cent in 2018. The total volume of sales in 2018 also increased from those seen in 2017. While there are always exceptions in particular sectors or locations, the market generally appears to be performing strongly, with further growth predicted over the next five years.
As I wrote in my article on 26 November 2018, the Scottish Government provided a useful update at the end of last year regarding their plans for Succession Law Reform. That update removed some of the uncertainty that has existed for the past few years but still left a number of issues unresolved. To make further progress, the Scottish Government recently released a Consultation on the Law of Succession, focussed on what should happen if someone dies intestate (without a Will).
