What Inheritance Tax relief is available for my business?
You can claim Business Property Relief on business assets, and those assets are either 100% or 50% exempt from Inheritance Tax.
You can obtain 100% relief on:
• A business or interest in a business;
• Shares in an unlisted company.
You can obtain 50% relief on:
• Shares controlling more than 50% of the voting rights in a listed company;
• Land, buildings, or machinery you own and use in a business you are a partner in or have control of;
• Land buildings or machinery used in the business and held in trust that the business has the right to benefit from them.
We highly recommend meeting with one of our lawyers to discuss your business interests, who will then provide you with a breakdown of the Inheritance Tax that is likely to be paid on your estate and suggest tax-efficient ways to mitigate this.
*There are some conditions to these lists in order for the assets to qualify.