Earlier this month, the UK celebrated National Siblings Day – a day to acknowledge and honour the bond between siblings. Regardless of whether some siblings grow apart as they get older and others become closer with age, it is a relationship that cannot be undervalued. Here we have a look at the extent to which this familial relationship is protected by Succession Law in Scotland.
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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 Megan Dunbar
Technology is moving faster than the law so each service provider has their own set of policies in the event of the death of a member and many act on a case-by-case basis which can make it difficult for executors. In general the executors are requested to provide proof of death and proof of relationship to the deceased to close the account and some platforms give the option to keep it open but as a memorial where photos can still be viewed and comments posted.
With the majority of the country in lockdown or in self isolation, face-to-face registration is no longer possible and registration offices are closed. Here we set out the steps required to registering a death during the current pandemic.
A new Bill to amend the Inheritance Act 1984 would enable transfers between siblings to be exempt in certain circumstances, bringing the position more in line with the tax advantages afforded to married couples.
Earlier this year the Office of Tax Simplification recommended an overhaul of the Inheritance Tax ("IHT") regime, seeking to make it simpler, more intuitive and easier to operate. In anticipation of Javid's first Budget, which could take place by the end of this month, we will take a look at the current IHT regime and what you can do to protect your assets.