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.
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.
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:
While many people appreciate the importance of putting in place a Will, many of those who decide to take this step are unaware that the rules governing inheritance are different between Scotland and England. When putting a Will in place, it is therefore necessary to consider whether a Scottish or an English Will is appropriate. This decision can have a significant impact when distributing your estate at a later date.
According to David Thorpe of the FT Advisor, it seems a lot of people are missing out on an important tax break when it comes to inheriting a deceased spouse’s Isa accounts:-
The recent case of Graham v RCC [2018] UKFT 306 (TC) has resulted in a promising outcome regarding business property relief (BPR) for taxpayers that have property businesses. The taxpayer in this case successfully argued her business was more of a family-run hotel rather than a mere holiday letting, thereby qualifying for this important Inheritance Tax relief. The additional services she offered were the key in distinguishing the business from being classed as investment property.
