The Scottish Government opened a consultation on the 17th February, asking the public how the laws surrounding succession could be fairer and more representative of 21st century Scotland. The consultation focuses on two key ideas – intestacy rules for surviving spouses/civil partners, and cohabitation rights.
According to the latest figures from Knight Frank, recent investment into industrial property, office and retail space has now led Scotland’s commercial property sector to have one of its most active years yet, with £2.5 billion worth of investment.
The governing body of Scottish solicitors is asking the legal profession and interested stakeholders for their opinion on the law surrounding cohabitants' rights.
New statistics have revealed that 20% of parents in the UK have gifted assets to their children to mitigate inheritance tax.
The Scottish Government has recently launched a consultation on mixed-sex civil partnerships following a Supreme Court ruling and an upcoming change to the law in England and Wales.
Writing in Scottish Legal News, John McArthur has called for a complete reworking of the current state of taxes in the UK. “Unless the government find a simpler, easier and more streamlined system for collecting Inheritance Tax”, he states, “the system cannot cope with any increase in the number of estates subject to Inheritance Tax”.
A new report into intergenerational wealth transfer has found that over 11 million people aged between 25-45 in the UK expect to receive some sort of inheritance from their parents or grandparents, with nearly half (5.1 million) of these expecting to inherit at least £50,000 in fixed assets or money.
British adults can be secretive about their finances and many don’t even share important pieces of information with close family members, which can be problematic when someone passes away.
Acting as executor for an estate carries a great deal of responsibility, and while the majority of executries are completed without incident, complications can arise and executors can sometimes find themselves in a difficult and unexpected situation.
Dying Matters Week is taking place from 14th – 20th May this year, and to mark the occasion Royal London published new research that highlights the top five tasks people should carry out now to help their loved ones after they pass away.
