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.
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.
