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.
Despite the turmoil caused by economic uncertainty surrounding Brexit, figures show that the housing market in Scotland has continued to flourish. The average house price in Scotland rose by 2.4 per cent in 2018. The total volume of sales in 2018 also increased from those seen in 2017. While there are always exceptions in particular sectors or locations, the market generally appears to be performing strongly, with further growth predicted over the next five years.
Recent reports have highlighted that inheritance tax receipts continue to grow despite the introduction of the new residence nil rate band. Inheritance tax receipts reached an astounding high of £5.2 billion in the last tax year. This is an 8 per cent increase compared to the £4.8 billion total that was reported in the previous tax year of 2016-17.
Consisting of 278 sections and numerous other schedules, the Inheritance Tax Act 1984 does not entirely make for light reading and can often feel difficult to navigate.
“There is nothing as certain as death and taxes.” Or to put a modern spin on it, “none of us is getting out of here alive, so make sure to pay the right tax bill, when you leave”. In the same context, 2017 has prompted a report by the Institute for Fiscal Studies on inheritances and inequality across and within generations. The authors of the report have flagged up a change in society whereby today’s elderly have much more wealth to bequeath than their predecessors, primarily as the result of rising home ownership rates and rising house prices.
