I’ve Paid Off My Mortgage, Why Do I Need To Discharge It?
he day is finally here; you’ve worked hard, made years of payments and now you’ve got that all-important letter from the bank/lender confirming that you have fully paid off your mortgage. Pop open the champagne, enjoy the moment and have a think about how you are going to spend that extra money each month. But […]
First-time Buyers Consider Lifetime ISA for free cash
As most people are aware, the government set up a very generous scheme at the end of 2015 known as Help to Buy ISAs where young people who had never owned a house before (first-time buyers) could save for a house and be given a free 25% bonus on top of their savings when they became able […]
Land and Buildings Transaction Tax and Additional Dwelling Supplement – Update
Land and Buildings Transaction Tax (LBTT) replaced Stamp Duty Land Tax on the purchase of property in Scotland on the 1st April 2015. Since then there have been many updates, amendments and guidance notes issued. The purpose of this blog is to provide an update on the current threshold and tax banding for LBTT, the new First […]
Equity Release Mortgages
Why consider an equity release mortgage? The average person can expect to live for around 20 years following retirement and for many people equity release is an attractive option as it offers either a lump sum or a regular income which could be used in a number of ways: How does an equity release mortgage […]
What Are Legal Rights in Scotland?
‘But I’ve not spoken to my children in 10 years!!’ Whether or not you choose to make a Will, there exists what are known as ‘Legal Rights’ in Scotland. Some argue that if they have chosen to make a Will and expressed a clear wish that their children are not to inherit any of their […]
Know your Inheritance Tax Gift Exemptions
Life can be taxing at times, no more so than on death. So it is important to consider the potential inheritance tax implications which can arise upon your death. Do you know your Inheritance Tax Gift Exemptions? When you die, Inheritance Tax may be payable on your estate. Each person has a Nil Rate Band of […]
Funeral Instructions – Do They Matter?
One of the benefits of making a Will is that you can narrate your funeral instructions and let your family know your specific wishes for your funeral. However, as you will not be here to know if these wishes have been carried out, is it really worth stipulating what should happen to your body and […]
More than £390,000 of Employment Tribunal Awards Unpaid Due to Insolvency
Figures obtained from a freedom of information request to the Department for Business, Energy and Industrial Strategy (BEIS) reveal that over £390,000 of employment tribunal awards remained unpaid in 2017 due to insolvency of the employer. The real amount may be significantly higher as BEIS is only aware of unpaid awards when it is notified […]
Changes to Land and Building Transaction Tax Come Into Effect
The above Order came into effect from Saturday 30 June 2018. Subject to certain conditions, First-Time Buyer Relief is now available to first-time buyers in Scotland. The relief applies to qualifying transactions where the contract is entered into on or after 9 February 2018 and the date of entry is on or after 30 June […]
Paying for Residential Care: What You Need to Know!
Taking steps of moving, or helping a loved one move into a care home can be a stressful time. It is important that the financial implications are fully understood. The average rates of Care Homes in Scotland for residential care is £825.94* per week (£42,948.88 per annum) and for nursing care is £948.59* per week […]
