Inheritance Tax

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Retiring without IHT trap

25th April 2024
You hold the main interest in a family-owned trading partnership and are planning to retire, selling your interest to your adult children. But you have been advised that this could lead to an inheritance tax (IHT) charge?  Partner Kenny Adamson advises. Unincorporated traders Business property relief (BPR) is an extremely valuable tax planning tool. BPR...

Claiming relief when family home has been sold

5th May 2023
Mrs Smith’s mother has recently died. During her final years she lived in a care home and sold her property to pay the fees. Mrs Smith believes she has lost the right to claim the residence nil rate band as a result. What is advised? Head of Tax, Christiaan Hansen advises. Residence nil rate band...
Residence nil rate band when no residence

Residence nil rate band when no residence?

9th September 2022
Your father recently died having spent the last two years in care. Last year you sold his home to help pay the nursing home fees. When preparing the inheritance tax forms, are you entitled to claim the residence nil rate band?  Tax Partner Brona MacDougall discusses. The inheritance tax (IHT) residence nil rate band (RNRB)...
Sharing a property to save IHT

Sharing a property to save IHT

4th February 2022
Your father left the whole of his estate, mainly consisting of his share in their home, to your mother in his will. As a result, there will be a big inheritance tax bill waiting when she dies. What steps can you take to reduce it? Nil rate bands While the inheritance tax (IHT) nil rate...
Inherited assets - who is liable for capital gains tax

Inherited assets – who is liable for capital gains tax?

6th August 2020
Mrs A is the executor of her mother’s estate. Some valuable items were left to her and her sister. She wants to sell several of these to pay debts of the estate. Will there be any tax and if so, who is responsible for it? Family tax expert Brona MacDougall provides the answers. Administering an...

How to avoid the ‘Seven-year glitch’

3rd January 2020
Giving away your wealth to members of your family reduces your estate for inheritance tax purposes, but only after seven years. However, it is possible to achieve the same result without the wait. What steps do you need to take? Inheritance tax expert Brona MacDougall has some valuable advice for you. Any tax expert will...

December Q&A

27th November 2019
Q. My parents stay in and pay the mortgage on my house, is this classed as rental income? I have owned a house for 12 years which I don’t currently live in. My parents live in the house and they pay me just enough money each month to cover the mortgage payments. Should I pay...

STEP – Advising families across generations

18th September 2018
As a global association for practitioners who specialise in family inheritance and succession planning, JRW Tax Manager Brona MacDougall is now a Trust and Estate Practitioner or ‘TEP’ in the Borders, the designation given to full members of STEP. STEP members help families plan for their futures and as specialists in inheritance and succession planning,...

Clever Planning for Inheritance Tax

27th June 2018
Inheritance Tax could potentially cost your loved one’s hundreds of thousands of pounds, yet it is possible to dramatically reduce this or even to pay none at all. Brona MacDougall our Senior Tax Manager provides you with some superb advice for effective IHT planning. Inheritance Tax (IHT) is a tax on the estate of someone...