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Can running a business save me inheritance tax?
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It is important that any business owner makes provision in their Will for the fact that they own and run a company. For example:
- Sole trader: you should think about granting consent for your business to continue trading, for your resources to be used and not for your death to trigger a forced and immediate sale
- Partnerships: if there is no partnership agreement in place your death may simply bring the partnership to an end and force its sale. It may also leave your loved ones to pick up an IHT bill which could be avoided
We can advise you on whatever you need to prepare and plan properly. From putting in place a partnership agreement to drafting your Will, we can support you to avoid IHT arising from your business interests. We can also look at whether your business interests qualify for business property relief – again an IHT ‘saving’ – or whether to leave your business interests in a ‘trust’.
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