When someone dies, the tax implications can be complex and far-reaching. There is a common, yet mistaken, perception that inheritance tax is the only tax to consider. The reality is that there are several, including income tax accrued up to and after death and capital gains tax for assets owned at the point of death, as well as land and buildings transaction tax and VAT.
The impact of these taxes is two-fold for those who benefit from an estate; they affect the deceased's estate as well as the position of beneficiaries and their families.
"They are one of the premier private client teams in Scotland, with an excellent reputation."Chambers UK 2023
"The team has a fabulous knowledge across all relevant areas. Queries are always dealt with in a timeous and professional manner; they are a pleasure to deal with."Chambers UK 2023
"I think this practice is unique insofar that it has some of the best legal expertise in the country. They clearly have great strengths in almost every field and we find that if there is a particular issue which we need to go over then there is always a partner who is really one of the top experts in Scotland."Legal 500 UK 2021
"Approachable, friendly and helpful team; there’s always someone there to help. Their level of technical expertise is second to none."Legal 500 UK 2021
Our highly experienced lawyers and tax experts make what can be a daunting process a much simpler and less stressful experience. We advise on the tax aspects that are compulsory, ensuring that you comply with all that is required by the law.
We also draw up pragmatic plans that reduce tax burdens for you and your family.
Applying our expertise in, and detailed knowledge of, all things tax-related, we consider and make use of various types of trusts, reliefs and exemptions to create tailored solutions that suit each client and their circumstances.
Tax Implications key highlights
- We have representatives on Law Society of Scotland, Society of Trust and Estate Practitioners and ICAS Committees.
- Our experts have contributed to the creation and development of Scotland's devolved taxes, especially Land and Buildings Transaction Tax.
- We regularly save £1,000s in tax for beneficiaries of deceased's estates.
- Our use of deeds of variation and trusts helps manage family wealth for generations to come.