01908 774323 Helen@Essendontax.co.uk
Business Property Relief (BPR) is very valuable because, on a business owner’s death, there is no Inheritance Tax to pay. This means that businesses can be passed on to beneficiaries without them having to worry about paying any tax.
Assets qualifying for 100% BPR include shares in an unquoted company, assets owned by a sole trader business or a share in a partnership or shares listed on the Alternative Investment Market (AIM). There is no minimum percentage holding requirement.
There are, of course, conditions laid down by HMRC and things like the length of time of ownership must be taken into consideration. There is also a 50% BPR available in certain circumstances.
Essendon Tax can help you discover if Business Property Relief is available on your business or company, and if not, to advise you on the best way to minimise your Inheritance Tax.