Monday, December 03, 2007

Entitled Inheritance Tax In Scotland 2007/08, the legal reference book co-authored by Bill Pagan and Fiona McDonald, solicitors with Pagan Osborne, provides a comprehensive overview of how the specialities of Scots Law and the intricacies of Inheritance Tax overlap.

Aimed at accountants, tax advisors and legal practitioners – both north and south of the border - this single source reference book gives guidance on the latest Scottish Inheritance Tax legislation, regulations and tax savings opportunities. It offers an authoritative voice on property, succession and charity matters; all of which subsequently impact on Inheritance Tax, in addition to advising on wills, lifetime transfers, valuation of assets, lifetime planning and pre-owned assets charge.

Bill Pagan is one of 16 Solicitors in Scotland accredited as a Trust Law Specialist and over his lifelong career has advised clients on Inheritance Tax and Trusts both north and south of the border. Fiona McDonald is a recognised expert in Succession, Estate Planning and Taxation Issues and won ‘Up and Coming Lawyer of the Year’ at the Law Awards of Scotland 2007.

Author and partner at Pagan Osborne, the legal, financial and property specialists, Bill Pagan said: “Inheritance Tax is a complex regime designed for the English legal system. When it is combined with the specialities of Scots Law, it becomes even more intricate. The book on which ours is based covers the position in England and Wales. As well as dealing with the detail of the tax, our book contents a succinct overview of the differences between Scotland and England and Wales in the context of tax generally.
“The establishment of the Scottish Parliament and its subsequent legislation has highlighted the potential for differing tax results between Scotland and England. Inheritance Tax In Scotland highlights the Scottish legislative perspective to ensure clients take best advantage of Inheritance Tax reliefs.
“For example, Scots Law has different principles for Wills. In Scotland, none of marriage, divorce, entering or dissolving a Civil Partnership, or the birth of a child revokes a Will, but the rights in Scots Law of spouses, Civil Partners and children have Inheritance Tax implications.
“In turn, there is also an important distinction in the practice of Trusts Law between Scotland and England. North of the border, under the Trusts (Scotland) Act, a majority of Trustees is a quorum with full power to act however, in England, unanimous support by the Trustees is needed.
“Another example would be gifts by Attorneys. For the tax planner, the rules in Scotland are more flexible, allowing Attorneys, without any form of Court or equivalent authority, to make gifts for tax planning purposes, provided that specific power is included in the Power of Attorney itself.
“Inheritance Tax In Scotland offers practitioners in the legal and accountancy professions a single source guide to all they need to know about Inheritance Tax legislation as it operates in Scotland.
“Fiona McDonald and I are delighted to have been involved in the first book of its kind in Scotland, and hope that through the use of scenarios, case studies and diagrams that Inheritance Tax In Scotland, becomes a valued and helpful publication.”

Karen Reid of Tottel Publishing, the publishers of Inheritance Tax Scotland, added:
“Scotland has been lacking a comprehensive reference book on inheritance tax. This important new book provides an expert overview of how Scots Law and inheritance tax interrelate and will be updated annually to ensure that practitioners throughout Scotland are kept up to date with this complex area of tax from now on.”

Pagan & McDonald: Inheritance Tax in Scotland 2007/08 is available from Tottel Publishing priced at £45.