Lifetime transfer(s): For the business owner, the vital elements in the IHT regime are the reliefs on business and agricultural property (up to 100%), which continue to afford exemption on the transfer of qualifying property, or a qualifying shareholding.
Transfers on your death: Do not overlook your business when you draw up your Will. Reliefs may mean that there is little or no IHT to pay on your death, but your Will is your route to directing the value of your business to your chosen heir(s) unless the disposition of your business interest on your death is covered by your partnership or shareholders’ agreement.
We can provide guidance on the following:
- Grooming your business for sale and minimising the tax due
- Identifying successors within the business
- Valuing your business
- Timing the sale and maximising the sale price
- Providing succession options through your partnership or shareholders’ agreement
- Providing for a smooth transfer of your business interests at your death or if you become incapacitated
- Your business and your Will
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