Latest news with #InheritanceTax
The Herald Scotland
4 days ago
- Business
- The Herald Scotland
How TrinityBridge helps businesses navigate change with confidence
As he reflects on the changes we have seen since the Financial Crisis, Bruce Saunderson, Private Client Director with TrinityBridge, tells us how a deep understanding of business exits, succession planning and wealth preservation allows him to help clients navigate life's financial turning points. 'I'm proud to be able to provide holistic financial planning and investment management services to clients and their families,' Bruce explains. 'My particular specialty is advising business owners in the run-up to an exit and helping them manage their finances after a business sale.' This tailored approach is especially critical in today's volatile financial climate. Recent changes proposed in the UK's Autumn Budget last year – particularly around Inheritance Tax (IHT), pensions, and family businesses – have added complexity to the wealth management landscape. Bruce notes: 'We have seen significant fiscal and economic upheaval before and my experience of advising clients through such troubled times allows me to help clients address the issues and concerns affecting them today' 'A significant amount of my work at the moment is centred around Inheritance Tax planning,' Bruce notes. 'The challenges presented by the proposed IHT changes are shared by a number of my clients and go beyond tax planning, to wider family succession issues. Given this added complexity, my focus is to deliver proven wealth management solutions that are tailored to individual clients and are designed to safeguard assets across generations.' (Image: TrinityBridge's Bruce Saunderson is celebrating his 30th year working in Glasgow) At TrinityBridge, the strategy is about combining time-tested solutions with a deep understanding of each client's unique circumstances. 'We work closely with our in-house investment specialist team to provide advice based on the specific needs, concerns, and objectives of our clients,' Bruce says. 'Having worked in professional practice for most of my career, I understand the importance and value that collaborating with clients' tax, legal and other professional advisers adds.' This collaborative mindset is essential as shifts in financial legislation as well as geopolitical events can occur rapidly. 'Close coordination between financial planners and investment managers is vital to optimise clients' finances' Bruce emphasizes. 'We aim to take an integrated approach - everyone's financial situation and aspirations are different, so it's important to have a financial planner who understands these bespoke needs.' Though TrinityBridge may be a new name, the firm's roots in Scotland – and Bruce's in Glasgow – run deep. 'I joined TrinityBridge in 2017. Glasgow has been my home for nearly 30 years, since graduating from Edinburgh University with a joint degree in Law and Accountancy.' Bruce's career has spanned boutique firms and legal and Big Four giants, giving him a distinctively broad perspective. 'As a company, we are able to offer a great mix of expertise to clients – having a wide-reaching talent pool across the UK to draw from, paired with the ability to engage in local one-on-one relationships thanks to our regional footprint.' Looking ahead, Bruce sees the firm's new name as a natural evolution. 'It's just another step on our journey,' he says. 'We have to the platform to continue to show clients that we are a great avenue to achieving their financial goals – not just for themselves, but for their families for years to come.' As for personal milestones, there's one more on the horizon: 'I need to think about how I'm going to celebrate my 30th year of living in Glasgow,' Bruce laughs. With a legacy of trust and a future-focused mindset, TrinityBridge is not just managing wealth – it aims to shape financial legacies. ■ Please be aware that no investment, or investment strategy, is without risk. The value of investments can fall as well as rise and you may get back less than you invested
Scotsman
21-05-2025
- General
- Scotsman
A quick guide to navigating probate in Scotland in 2025
When a person dies, someone needs to deal with all their accounts, property and belongings (their 'estate'). The process of dealing with this is called 'estate administration', but often referred to as 'probate'. Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... In Scotland, around 50% of estates will require a special document from the Sheriff Court called a 'Grant of Confirmation'. This document gives the authority to the person or people responsible to deal with all the assets/accounts in the estate. This guide outlines all the essential terms you need to know, the processes you need to follow if you are responsible for dealing with it, and the changes you need to be aware of for 2025, particularly in terms of inheritance. Key terms explained Advertisement Hide Ad Advertisement Hide Ad Dealing with a deceased's estate in Scotland shouldn't be complicated. Before you begin to navigate probate, it's helpful to understand the key terms involved. Most people are already familiar with a Will – a legal document written by the deceased person before they died, which details how their estate should be distributed upon their death, and who is responsible for dealing with it – the 'executor(s)'. If there's no Will, either the spouse or the closest blood relative will need to be appointed as the 'executor-dative'. Strict rules are in place to decide how the estate will be distributed, these are called the 'rules of intestacy'. Rules of intestacy When there's no Will. if there is a surviving spouse or civil partner they will be entitled to inherit a portion of the estate called 'prior rights' first, which include the deceased person's house up to £473,000 in value, a portion of their 'movable' estate (everything except property) up to the value of £50,000 if there are children and £89,000 if there are none, and household contents up to the value of £29,000. The rest of the estate will be distributed using a strict hierarchy, which may or may not reflect the deceased's wishes. Advertisement Hide Ad Advertisement Hide Ad If no immediate family exists, the estate will pass to other relatives, such as siblings or cousins – and if no relatives can be found, the estate will be transferred to the Crown. Administering an estate Executors must determine how much the estate is worth to make sure no Inheritance Tax is due. As part of the court Grant of Confirmation process, executors need to compile a detailed inventory of all assets and liabilities. Once submitted, applications typically take 1-3 months to process and, when Confirmation is granted, executors will have the legal authority required to access all the deceased person's accounts, sell or transfer their property, and distribute the estate to the beneficiaries. Key considerations for 2025 It's important to note that executors are also responsible for settling any outstanding debts, including mortgages, loans and taxes. The individual Inheritance tax (IHT) threshold is currently £325,000, but other exemptions can be used in certain circumstances. Advertisement Hide Ad Advertisement Hide Ad The IHT threshold is currently frozen, but house prices nonetheless continue to rise, meaning an increasing number of middle-income families are liable for inheritance tax. Executors must therefore assess their need for professional assistance carefully. Changes to Agricultural Property Relief and Business Property Relief could likewise impact previously exempt estates, adding further complexity. A proactive approach is advised here, with concerned parties advised to seek expert advice even in cases where a solicitor isn't legally required, to ensure they fully understand their tax obligations. Recent changes to the rules also mean that, from April 2027 onwards, pension pots will be included in the estate, which will increase the number of taxable estates. What happens if the executor can't or won't act? In Scotland, executors of a Will can be removed or replaced in certain circumstances after the death of the Will writer. The most straightforward is when the executor themselves agrees to step down. A simple document will be drafted and must simply be signed by the executor to formalise their resignation. In the case of voluntary replacement, the new executor would also sign. Advertisement Hide Ad Advertisement Hide Ad If an executor becomes physically or mentally incapable of performing their duties, however, a medical certificate that confirms their incapacity is required from their GP. Executors can be removed if they act improperly and/or fail to fulfil responsibilities as an executor, though these rare cases require a petition to the Court of Session, which will only accept very specific circumstances, beyond mere lack of cooperation. Legal thresholds and the role of solicitors One key thing to be aware of during probate is that Scottish law does not require a solicitor to administer an estate, unless there is no Will and the estate exceeds £250,000 in value. Even where a solicitor isn't required, however, particularly given recent changes in inheritance tax rules, it is advisable to seek expert guidance. Weighing up professional assistance Many executors choose to work with a solicitor due to the complexity of probate. Yet, whilst they can ensure all the necessary paperwork is completed correctly, reducing the chances of application rejection or errors, solicitors' fees can be significant. Because legal firms often deal with high caseloads, relying on a solicitor for probate when not strictly necessary can also introduce unnecessary delays up to a year long. Advertisement Hide Ad Advertisement Hide Ad Those managing estates with a Will, or below the £250,000 threshold when there is no Will may therefore find handing probate independently, with the help of online probate guidance services, like My Probate Partner, much easier. This reduces the stress and risk involved in handling probate completely alone, presenting a more accessible, cost-effective, time-efficient form of help.
Yahoo
30-04-2025
- Business
- Yahoo
Farmers hold tax protest outside BBC building
Farmers have parked tractors outside a BBC building in a protest over changes to inheritance tax. About 40 vehicles converged on the centre in Havelock Road, Southampton, at midday, leaving two hours later. Organisers said the government's decision in October 2024 to limit tax relief for farms to £1m had not been sufficiently covered by the BBC and other media. A spokesperson from the BBC said the corporation has "a broad range of farming and rural affairs programming". A farmer from Bishop's Waltham, who gave his name as Mark, said the tax hike would mean the "end of the family farm". He said: "You won't be able to keep going. The inheritance charge will be so high. "The politicians brush it under the carpet. And we don't feel we get that much coverage on the BBC et cetera either. "The Archers - it's taken them forever to mention the fact about the Inheritance Tax. "Fifteen hundred tractors went to London and in some parts of the press there was very little mention of that." The changes to Agricultural Property Relief (APR) are due to come into effect in April 2026. Previously, the government said the reform would only affect the wealthiest 500 estates each year with smaller farms not affected. It said the millions of pounds in APR claimed each year by a small number of estates could be better used to fund public services. A spokesperson for the BBC said: "BBC News has a dedicated rural affairs correspondent and producer to report on issues which affect farmers' lives and livelihoods across the UK. "Further to this we have an Executive Editor [that] co-chairs the BBC's Rural Advisory Committee which includes rural stakeholders and shares insight from across farming communities." You can follow BBC Hampshire & Isle of Wight on Facebook, X, or Instagram. Tractors return to city in farmers' protest Labour concerns on farm tax changes in Wales grow Farmers say inheritance tax is last straw for many Council's 'dismay' over tax on farming inheritance Farm inheritance tax protesters target Reed conference speech National Farmers Union
Irish Independent
26-04-2025
- Business
- Irish Independent
Taxman at the gate: Farmers in the North fear inheritance changes will wipe them out
Did the Treasury miscalculate the true value of farms when formulating its plans to transform inheritance tax? Pavel Barter takes a closer look Today at 21:30 Upcoming changes to Inheritance Tax (IHT) rules in the UK are causing serious concern among Northern Ireland farmers, many of whom fear they will be forced to sell land to meet future tax bills. Although the reforms are not applicable in the Republic, the issue is attracting strong interest among Irish farmers who are closely watching how inheritance rules are being reshaped just across the border — particularly as the capital value of land continues to soar and succession planning becomes more urgent.
The Independent
25-04-2025
- Business
- The Independent
Three ways to still give gifts under new inheritance tax rules
Giving financial gifts to loved ones early can reduce your Inheritance Tax bill, especially with upcoming changes. From April 2027, defined contribution pension wealth will be subject to Inheritance Tax, potentially affecting many more estates. Gifts made within seven years of death could be subject to Inheritance Tax, but allowances permit smaller gifts without incurring tax. Regular gifts up to £3,000 annually, smaller gifts of £250, and wedding gifts are exempt, along with gifts from surplus income if properly documented. Consulting a solicitor is crucial for creating a tax-efficient will and optimising Inheritance Tax strategies, especially with recent changes.
