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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.

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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Proposed Inheritance Levy Could Affect Over 90% of Scottish Estates

adam swayne

A recent report from the Institute for Public Policy Research (IPPR) Scotland has proposed changes to local taxation which could hit 92 per cent of all Scottish estates. Among its proposals, the IPPR suggests a 10% local Inheritance Tax (IHT) rate which could apply to all Scottish estates valued at over £36,000. 

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Five top tips for saving on Inheritance Tax

SOPHIE

With the Inheritance Tax (IHT) nil rate band having remained at £325,000 since 2009, more people than ever are having IHT charged on their estates on their death. Over £5.37 billion of IHT was paid to HMRC in the last tax year. This is almost double the amount that was collected ten years ago. With careful planning, it may be possible to reduce your future potential IHT liability significantly. Here are our five top tips for reducing your liability:

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