Articles & Insights

Gift and Inheritance tax planning – Business Asset Relief

The decision to pass on a business to the next generation can be a big step for any family. Whilst commercial and family dynamics are key concerns, the matter of taxation should be high up on the agenda to ensure that tax costs for the outgoing shareholders and the incoming family members are minimised.Therefore, Business Relief is an extremely important relief to consider if much of your family’s accumulated wealth is tied up in a business. We have outlined below the key benefits and conditions of Business Asset Relief.