November 2009 | Issue 7  
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Another Taxing Issue!

Does your family business face being sold or broken up in the unfortunate event of your death?

As the owner manager of a second or third generation business, your family may have to pay Inheritance Tax (IHT) on the business when you die, which could mean that your business has to be sold or broken up.

Business Property Relief (BPR) can reduce the value of your business or business property by either 100% or 50% for inheritance Tax purposes.

It is extremely easy to lose BPR and you should therefore bear the following in mind:

  • The rules relating to BPR are complex - seek advice sooner rather than later

  • A Trust can protect the availability of BPR and you should consider this before you plan your exit route from the business

  • Your Will needs to be written in such a way which takes advantage of the law as it now stands; and

  • Your partnership agreement or articles of association need to be carefully checked to ensure they do not contradict the availability of BPR.



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