Inheritance Tax

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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...