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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.

Call us today on 0131 225 1200
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Inheritance and debt in Scotland

andrew

There are several misconceptions about what happens to your debts when you die. Many people believe that your debts die with you, or that family members become responsible for paying your debts after you die, but this is simply not the case in Scotland. In this article, we look at what happens to your debts after you pass away, and several circumstances which may arise out of debts on the estate.

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Leaving your family home to your children and the impact on inheritance tax

carolinepringle

For many of us, leaving the family home to our children is something that is important to us. The question is, when is the best time to do this? Should you gift it to them now or leave it to them in your Will? Here, we explain what you should be considering when making this decision.

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Have you overpaid Inheritance Tax on shares hit by Coronavirus?

SOPHIE

If you have recently inherited shares that have now collapsed in value due to the coronavirus pandemic, you could be entitled to a substantial inheritance tax (IHT) repayment.

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Inheritance tax to be replaced by gift allowance system under new proposals

peterOn 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.

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The Scotsman: How best to handover wealth to the next generation

peterPeter Shand, Murray Beith Murray Partner and experienced family business lawyer, speaks in The Scotsman’s Vision business magazine, this month (published 12 December 2019).

Read the full article below:

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