Taking Care of Business: Inheritance Tax and Your Firm

In This Chapter

Taking Care of Business: Inheritance Tax and Your FirmDefeating the tax-collector with business property relief

Taking Care of Business: Inheritance Tax and Your FirmReducing business inheritance tax through gifts and trusts

Taking Care of Business: Inheritance Tax and Your FirmTransferring your business to a successor

For all intents and purposes a business is a living thing: Neglect it and it dies. If you were to die suddenly, then the months that it could take for your nearest and dearest to sort out your financial affairs could spell the end for your business – depriving those closest to you of your biggest asset.

Once a business shuts its doors, it rarely reopens them. Have a proper strategy in place for what should happen to your business when you're no longer around.

What's more, keep one eye focused on the tax-collector when drawing up your plan. Otherwise, you risk Her Majesty's Revenue & Customs (HMRC) taking a great big bite out of your estate through inheritance tax (IHT).

In this chapter, I look at how to leave your business (or share of a business) in a tax-efficient way, helping your loved ones to inherit the reward of all your hard work.

Add comment


Security code
Refresh

Copyright © 2017 TheoryBiz.com. | "The Theory of the Business"