Family-owned businesses are often referred to as the ‘backbone’ or ‘bedrock’ of the economy – descriptions that are fully deserved when the true scale of their economic contributions are considered.
On Friday, (8 September) the UK government published its 2017 Finance Bill which contains a range of measures that will have an impact on both savers and investors.
The Financial Times recently reported that the annual amount of inheritance tax (IHT) collected by HMRC has risen above £5 billion for the first time. This surprising news shows how important it is for people to take professional advice when drawing up their estate plans to ensure they reduce their IHT liability as much as possible.
In June last year, I posted a Blog regarding European Parliament proposals under draft anti-money laundering rules for public registries of trusts. (See http://www.murraybeith.co.uk/blog?id=15). The terms of the EU’s Fourth Anti-Money Laundering Directive were finally agreed at the end of 2014 and the good news is that these are much less far reaching than previous drafts of the Directive.