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.
In the recent Autumn Budget 2024, it was announced by the Government that measures will be put into place to reform the Inheritance Tax treatment of pensions. From 6 April 2027, unused pension funds will be included within the value of a person’s estate. These changes will affect both UK registered pension schemes and Qualifying Non-UK Pension Schemes.
When you die in Scotland, you should not assume your estate will be distributed amongst your loved ones in the way you think it will. That’s because when you die intestate (that is without a Will), your estate will be distributed in accordance with the Law of Succession.
In part one of this blog, we looked at establishing whether there is a Will, who the executor and beneficiaries are and the extent and value of the estate. In the second part of this blog we will look at the steps which must be taken to report the estate to HMRC for Inheritance Tax (IHT) purposes (if required) and make the application for the Grant of Confirmation, as well as ingathering and distributing the estate.
Whilst it might seem straightforward at the outset, winding up an estate in Scotland can be difficult, complex and time-consuming. In the first of a two-part blog, we will look at the initial steps which must be taken.
It has recently been reported through a release from HM Revenue & Customs (HMRC) on 23 April 2024 that UK taxpayers paid £7.5 billion in Inheritance Tax (IHT) from April 2023 to March 2024, being an increase of £0.4 billion from the same period last year.
