The Scottish Government launched a public consultation on the 17th February 2019, asking how the law covering succession could better reflect 21st century Scotland.
The two largest cities in Scotland have both seen an average house price growth of at least 9% this year – more than double than UK average – according to recent data from HouseSimple.
Following a Freedom of Information (FOI) request by Direct Line Insurance, Guildford in Surrey was dubbed the Inheritance Tax capital of the UK after it was revealed that as many as 658 families from the town southwest of London were subject to the tax between 2015 and 2016. On average, each family are said to have paid £231,000 per estate (a total of just under £152 million), more than anywhere else in the country.
Recent research from the Aberdein Considine’s Property Monitor report illustrates that the average price for Scottish properties sold for a record £169,450 during the second quarter of this year (April-June 2018), a 4.7% increase during the same time last year and a grand total of £175 higher than the previous record set in the third quarter of 2017.
UK house price growth in June slowed to the lowest rate since August 2013. According to the Office for National Statistics (ONS), this slowdown was mainly affected by the falling prices in London, where properties dropped from 0.7% to negative 0.2%. The report shows an average house price growth of 3%, down from 3.5% in May - the lowest annual rate in five years.
Recently released data from HM Revenue & Customs shows inheritance tax (IHT) raised a record £5.2 billion in the 2017-18 financial year, up 8% from the previous tax year.
Criminals using the UK property market to launder money could face up to five years in prison under the newly proposed legislation.
A new survey of the residential property market has revealed that the number of rental properties in Scotland has fallen even further over the last three months. However, this decrease in supply has been coupled with an increase in demand, which is expected to lead to a sharp rise in costs for tenants.
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.
Registers of Scotland (RoS) has launched a new register that will record all applications of community bodies to buy land or property that is abandoned, neglected or causing harm to the environmental wellbeing of the community, where the owner is not willing to sell that land.
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.