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.
Following his recent Insight blog considering the impact of Brexit on succession planning, Murray Beith Murray Partner, Andrew Paterson, writes an updated article on the same topic in The Scotsman today (28 October 2019), which you can read below:
With Brexit looming, now may be a more appropriate time than ever to review your succession planning, and make changes before the UK leaves the European Union.
Arts Council England recently announced that three artworks by Peter Lanyon, a figurehead of post-war British painting, were acquired for the nation as part of the acceptance in lieu scheme, nearly settling the £900,000 Inheritance Tax due on Lanyon’s widow’s estate. Acceptance in lieu is rarely used and may not necessarily spring to mind when planning to pay Inheritance Tax, however, as this case shows it may be worth considering.
A Freedom of Information request by Quilter has shown that HMRC investigates a quarter of the estates liable to pay Inheritance Tax each year. What do Executors need to do during an HMRC investigation and what steps can be taken to prevent an investigation in the first place?
While making Wills is typically a priority for couples who own property together, worrying about who dies first often is not.
