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.
For many people, the most valuable asset in their estate on death is their residential property. The value of the property, particularly in cities like Edinburgh, can mean that otherwise small estates become subject to Inheritance Tax. It is important to report an accurate value of the property to HMRC for Inheritance Tax purposes, with fluctuations in the market making this quite challenging for non-professionals.
The recent case of Graham v RCC [2018] UKFT 306 (TC) has resulted in a promising outcome regarding business property relief (BPR) for taxpayers that have property businesses. The taxpayer in this case successfully argued her business was more of a family-run hotel rather than a mere holiday letting, thereby qualifying for this important Inheritance Tax relief. The additional services she offered were the key in distinguishing the business from being classed as investment property.
The Scottish Government has been considering possible changes to Scottish Succession Law for a number of years and recently published an important update to their intentions.
Murray Beith Murray Associate, Caroline Pringle, expands on her recent blog in The Scotsman today and considers if those with international interests can rely on their Powers of Attorney to be recognised abroad. Read the full article below:
According to recent figures from the Ministry of Justice Family Court, the number of parental orders in the UK – the transferring of legal rights from the surrogate mother to the intended parents – has almost trebled. The statistics highlight an increasing number of children being born through surrogacy, with 331 parental orders being granted last year compared with only 117 in 2011.
