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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.

Call us today on 0131 225 1200
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Essential advice you should know about estate and tax planning

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“Death is not the end. There remains the litigation over the estate.” Over a century later, Ambrose Bierce’s words still ring true today if you have not taken steps during lifetime to plan for what happens to your estate on death. Without proper estate and tax planning, your loved ones may find themselves embroiled in lengthy and costly litigation, both in monetary terms and family relationships. It is, therefore, essential that you take professional advice to ensure the preservation of your assets, family harmony, and the ability to exert control over the ultimate destination of your estate.

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When it comes to estate planning, Inheritance Tax liability is a key consideration for many.  You can mitigate this during your lifetime through gifting.  As well as reducing the value of your estate for Inheritance Tax purposes, you can enjoy seeing your loved ones benefit from the gifts. In this article, we consider how you can make the most of lifetime gifting.

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If you are an executor, it is the role of your solicitor to advise you as far as possible on matters related to the valuation of the estate and the inheritance tax (IHT) liability. Executry advice is often time sensitive, but the volatility and downturn of many markets in the last few years provides an additional challenge for executors - the valuation of shares. In this article, we look at share loss relief, when it occurs and how to make a claim. 

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It is not too late to carry out tax planning in the current tax year

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As the end of the current tax year approaches now is a good time to review your tax and financial position. Making use of available allowances and exemptions could potentially avoid unnecessary tax payments. There are a number of options to mitigate your exposure to tax and some of these may be applicable to your individual circumstances.  

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If the prospect of completing your annual Self Assessment tax return fills you with dread, causing you to put off the inevitable until it becomes a race to avoid an automatic Late Filing Penalty, you are not alone.

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