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.
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.
As family businesses are such an important part of the overall economic health of Scotland it is only right and proper that we, as professional advisers, should ask our clients what more we can do to help them illuminate and solve their complex needs. Part of the answer lies in redefining the way that different professional disciplines can meaningfully collaborate, becoming a resource for change by creating a systemic approach to advising family business clients.
Peter Shand, a Partner with Murray Beith Murray, writes in today’s Scotsman (18 December 2017) that collaborative working will be the key to future success for professional advisors, following a recent joint event run with Mairi Mickel’s Business Families:
