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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...

Families, Gifts and Tax?

8th September 2020
Your son is struggling with his finances and has come to you for some help. You have been paying some of his household bills until he gets back on his feet. But what are the tax consequences that you and your son should consider? Inheritance tax expert Brona MacDougall provides the answers. You may have...

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...


1st September 2015
After someone dies, the people looking after their affairs have to add up the value of what is left behind and take off any debts and expenses. Depending on how much is left in the person’s estate (their property, money and possessions) there might be Inheritance Tax to pay. Inheritance Tax is paid if a...