As we approach the end of 2019, one of our recently qualified solicitors, Adam Swayne, reflects back at the conclusion of his 2-year traineeship with Murray Beith Murray, and recommends the firm to anyone considering a legal career.
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.
If you are lucky enough to be spending your summer in your own property in the sun, your thoughts might turn to who you want to enjoy your property when you are no longer here and how you can plan for this.
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.