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.
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:
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.
A Freedom of Information request by Quilter has shown that HMRC investigates a quarter of the estates liable to pay Inheritance Tax each year. What do Executors need to do during an HMRC investigation and what steps can be taken to prevent an investigation in the first place?
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.
Inheritance tax (“IHT”) payments have hit yet more record highs, according to data recently released by HM Revenue & Customs (HMRC). HMRC collected £5.4 billion in Inheritance tax (IHT) in the year to March 2019. This represents a £160 million increase from the same period a year ago.
