Feature: Investment Property Trust Fund
February 12, 2018
Feature: Domicile
March 5, 2018
Feature: Investment Property Trust Fund
February 12, 2018
Feature: Domicile
March 5, 2018

Featured: Wills for Business Owners

 

There are tax reliefs available to business owners who wish to pass the business on to the next generation. The UK economy was build upon family businesses, and the economy would not survive if the normal inheritance tax rate of 40% was applied every time a business passed from father to son. Therefore, the government introduced reliefs to enable the business to continue to trade, employ people and contribute to a strong British economy.

These reliefs are available to all business owners, yet often they are not capitalised on effectively. This can happen when a business person passes on and leaves the business to their partner or spouse, who ultimately sells the business. The business passing from spouse to spouse was free of tax, however when sold the reliefs are lost and the assets (being money or possibly investments) may not pass free of inheritance tax. Therefore, the potential benefit is lost.

Something can be done for business owners wanting to utilise the allowances available, using certain structures to tie in the benefits and help pass the estate on to the next generation, regardless of whether or not the business is sold. If you are a business owner, get in touch today!

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