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.
You will no doubt be aware of the Chancellor’s announcement offering financial support to taxpayer’s during these unprecedented times caused by COVID19. The Chancellor’s updated statement can be found here.
In the lead up to the end of the tax year we continue to look at important areas for consideration when reviewing your tax and financial position. Our latest blog considers how to reclaim tax for previous tax years.
The end of the current tax year will see the phasing out period finalised in respect of relief for mortgage interest on rental profits.
Significant changes and modifications to tax relief come into force from 6 April 2020, which will impact those who hold property as an investment. With just over a week until the UK Budget on Wednesday 11th March, and just over a month until the end of the 2019/20 tax year, it is important for property investors to review their affairs and explore possible tax planning opportunities ahead of this date.
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:
