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.
We have been closely monitoring the developing COVID-19 situation. Our priority is to act responsibly to ensure the health, safety and wellbeing of our clients, employees, and contacts as well as continuing to deliver our legal, property and tax services. Our Business Continuity system is robust, and a number of measures have already been taken as part of our response.
As the 2020 Budget unfolds, Chancellor, Rishi Sunak, has announced:
In the lead up to the end of the tax year we continue to look at important areas for consideration when reviewing your tax and financial position. Our latest blog considers how to reclaim tax for previous tax years.
On 30 January 2020, the All-Party Parliamentary Group (APPG) for Inheritance & Intergenerational Fairness published a report proposing a radical change to the current inheritance tax (IHT) regime. The report – named Reform on Inheritance Tax – suggests replacing the IHT system with a flat-rate gift tax payable on both lifetime and death transfers.
Significant changes and modifications to tax relief come into force from 6 April 2020, which will impact those who hold property as an investment. With just over a week until the UK Budget on Wednesday 11th March, and just over a month until the end of the 2019/20 tax year, it is important for property investors to review their affairs and explore possible tax planning opportunities ahead of this date.
