Businesses

Businesses

Your Will can ensure that business interests you have e.g. shares in a family business, or a farm are directed to those intended such as sons or daughters who have come into the business.

An important IHT relief may apply to these business interests and providing discounts of either 50% or 100% (complete exemption)

When it comes to your house or other non-business assets, you can give them away without having to pay an IHT charge if they are ‘potentially exempt transfers’ (PETs). The vital point regarding PETs is that they have to be given away seven years before your death.

In terms of business assets, it is usually only necessary for the person to have owned these assets for two years, rather than the required seven years for the non-business assets.

So don’t risk paying a substantial tax bill when this can be reduced by carefully drafting you Will.

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