What steps have you taken to protect your business’s money, investments and property when you die? Does your Will take into account the most effective and tax-efficient way to pass those assets onto beneficiaries? Talk to us if you think your Will and succession plans could benefit from a review by a legal professional. We specialise in family business tax planning.
Like most business owners, protection of family wealth is probably an important issue for you and your close family. You might already know that business assets (including shares) may qualify for business property relief and be exempt from inheritance tax. However, this does depend on certain conditions being met: mainly that the business carries out a trade and any shares have been owned for at least two years.
Did you know that, by leaving qualifying shares to a discretionary trust in your Will, inheritance tax will be avoided? If the business is sold following your death, the cash will be paid into the trust and therefore be available to your spouse and family but – importantly – will avoid the 40% tax charge on the spouse’s death.
Business tax planning, succession planning and incorporating business assets in your Will can seem complicated. Seeking the advice of friendly specialists like us can ease the pressure. We’ll advise and guide you, supporting your decisions with the best legal advice. Give us a call if you think we can help.
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