A beneficiary who inherited their father's furnished holiday accommodation business has failed to convince the First-tier Tax Tribunal that it qualified for Business Property Relief (BPR). If it had qualified, the estate would have benefitted from 100% relief on the business value saving Inheritance tax (IHT) of around £250,000.
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Life, business and the law
The law never stands still, and the way it applies to you and your organisation is constantly evolving. Our people are on top of these developments and can keep you up to date with some of the most interesting aspects of these changes. Check out our articles and updates for our perspective on issues that might affect you.
Latest articles from Lindsay MacEwen
It is possible to change a Will after someone dies, subject to a number of conditions being met. You can change the distribution of a person's estate after their death regardless of whether or not there is a Will in place. The legal process is relatively simple and usually straightforward. The change is recorded in a document known as a "Deed of Variation" (sometimes referred to as a "Deed of Family Arrangement").
Reforming the Law of Succession in Scotland – avoiding unexpected consequences of dying without a Will
The Scottish Government has recently issued its response to the consultation on the law of succession from 2019. The intention of the consultation is to bring Scotland up to date as the current law is largely based on legislation from almost 60 years ago. The consultation focused on who should inherit a person's estate when they die without making a Will, this is known as "intestacy".
A recent case highlights the need to have a business succession plan in place – so that you don't leave your company in limbo.
Running out of jobs on your 'to-do' list? Don’t forget to tick off making a Will and Power of Attorney
You've painted the garden fence, given yoga a bash and mastered your sourdough starter; what else is there to do during this period of lockdown? If it's not already on the list, making a Will and a Power of Attorney should be there.