Nominated for 25 Emmy Awards this year, the HBO series ‘Succession’ has captivated audiences and may well have prompted clients to contemplate how best to plan for succession to their estates.
Drafting a Will for lead character, Logan Roy, would require a bespoke approach, to take account of his vast wealth across multiple countries. Here we consider an appropriate Will structure, together with some other key points to explore when creating a fitting testamentary writing for Logan.
Registers of Scotland have introduced a new Land Register – the Register of Persons Holding a Controlled Interest in Land (or the “RCI”) – which went live on the 1 April 2022. This is an additional register, sitting alongside the Register of Sasines (which is being phased out) and the Land Register of Scotland, with the aim of identifying those individuals, who cannot be identified through the existing land registers, who have a “significant influence or control” over the named owner or long tenant (20+ years) of the land or property in question. The aim of the RCI is to improve transparency in who actually owns or tenants Scottish land.
What are Heat Networks
Picture a ‘Film Noir’ setting. We’re in New York, a distant siren blares. The shadowy street is illuminated by passing vehicles, revealing a solitary figure, concealed by plumes of steam rising from sidewalk grates. In considering such a scene, one may wonder why it is that Scotland’s streets have never featured these columns of hot vapour. But that Hollywood look may start to be a common sight in Scottish towns as a result of recent Holyrood legislation, coming in the form of the Heat Networks (Scotland) Act 2021 (“the Act”).
What is The Trust Registration Service?
The Trust Registration Service is an online service which assists Trustees to adhere to their registration obligations under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
New regulations came into force in October 2020. The new regulations mean that there is an increase in the number of trusts that fall into the ‘need to be registered’ category.
By virtue of The Housing (Scotland) Act 1987 (Tolerable Standard) (Extension of Criteria) Amendment Order 2021, all homes in Scotland are now required by law to have at least two interlinked smoke alarms, a heat alarm and potentially a carbon monoxide detector. While there was a public awareness campaign carried out by the government ahead of the regulation coming into force on 1 February 2022, the buzz around the new rules has died down and many are still unaware of what exactly it is they need to install in their property to make it compliant.
By order of the Peaky Blinders … beware, spoiler alert
Following Tommy Shelby’s terminal diagnosis, those watching BBC’s final season of Peaky Blinders might be wondering how Tommy intends on distributing his estate and preserving his wealth by mitigating potential inheritance tax (“IHT”) liabilities. There are various options to explore when looking to mitigate a future IHT bill, a common one being lifetime gifting.
Let’s fast forward 90 years and assume Tommy passes away on 30 April 2022. Despite being unaware of his imminent diagnosis, Tommy had been mindful of mitigating a potential IHT bill and made various gifts to family over the years. As he no longer benefitted from those gifts and he’d hoped to survive at least the required 7 years, he’d assumed the gifts would be out with his estate on death. Let’s look at how Tommy’s gifts would be treated from an IHT perspective taking into account taper relief and various exemptions/allowances.
Legal reform on the horizon in the world of Artificial Intelligence
Ross Gardner, head of our Corporate team, is featured in the latest edition of AGCC’s Bulletin.
The phrase “it’s my baby” is often used in relation to work projects but could those words become the reality? For most start-up companies and SMEs operating in the energy sector, innovation and investment in digital technology are becoming increasingly important factors as they plan for growth in a post-pandemic environment, with Artificial Intelligence (AI) continually evolving as a key asset.
Ross looks at the possibility of changes to the existing legal framework which could potentially lead to a point where autonomous AI systems have a status similar to children.
Cryptoassets: Further Reforms and Regulatory Scrutiny
Jamie Hunter, Senior Associate in our Corporate team, is featured in the latest edition of AGCC’s Bulletin – Cryptoassets continue to attract significant attention from consumers and, as a consequence, governments and regulators worldwide.
ABERDEEN
28 Albyn Place, Aberdeen AB10 1YL
Tel: +44 1224 845845
DX AB41 ABERDEEN
INVERNESS
Camas House, Fairways Business Park, Inverness IV2 6AA
Tel: + 44 1463 713225
DX 521002 INVERNESS3
Stronachs LLP is a limited liability partnership registered in Scotland.
Registered number SO301806.
View our Privacy Notice here.
© Copyright 2024 Stronachs LLP. All rights reserved.
