Tax Planning Idea! BPR - Business assets relief from IHT
BPR provides a relief from Inheritance Tax (IHT) on death or gifts during lifetime of business property. Conditions must be met in order to claim BPR so it must not be assumed that it is automatically available. Problems can arise where there are a mixture of trading and investment activities within a business which may reduce the amount of BPR available. Sometimes company restructuring can maintain and optimise the availability of BPR.
As always, the key to successful tax planning is to seek advice as early as possible.
If you would like more information, or would like to discuss your tax affairs in more detail, please don't hesitate to contact our Tax Partners, Steve Crompton or Lucy Williams, on the details below: