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Recent reports have suggested as many as one in ten UK charities are facing bankruptcy and the sector is facing an estimated £10bn loss for the year from the start of the crisis, due to the ongoing impact of the Covid-19 pandemic and lockdown restrictions. The shortfall, which is caused by soaring demand for charity services during the pandemic as well as lost fundraising income, will have huge implications in the years to come. Therefore now is a great time to donate to charity and leave something to your charity of choice in your Will. Not only does donating to charity make you feel good, if you do leave a charitable legacy (i.e. leaving something to charity in your will), then it won't count towards the total taxable value of your estate for Inheritance Tax purposes.

Whilst making a Will is important for every individual, it is even more important for those in non-traditional families to ensure that their future wishes are laid out in black and white and protect those around them. At Macnabs we are seeing more one-parent families, blended and stepfamilies, and civil partnerships, all of which can lead to complicated estate planning issues.

The Scottish Budget 2021-2022 confirmed last week that the ceiling of the nil rate band for residential LBTT will return, as planned, to £145,000 for transactions, with an effective date after 31 March 2021. Finance Secretary Kate Forbes has however promised that relief for first-time buyers, which raises the nil rate band for LBTT to £175,000, has been extended.

Lockdown can be challenging for most of us, but even more so if you are stuck in a relationship with somebody you no longer want to be with and want to end your marriage or cohabiting relationship. It may feel that there is no way to escape a lockdown breakup but Macnabs can help you make a start and put the wheels in motion.