Could New Inheritance Tax Rules Put Family Businesses at Risk? For many business owners, succession planning is about more than protecting personal wealth. It’s about safeguarding a family legacy, preserving jobs, and ensuring that a business can be passed smoothly to the next generation. However, upcoming changes to inheritance tax…
Inheritance Tax (IHT) can apply to certain lifetime transfers/gifts and also on the value of an individual’s estate at the time of death. The IHT nil rate band is £325,000, with an additional £175,000 ‘residence nil rate band’ available in some cases for leaving the family home to direct descendants.…
Have you thought about giving a cash gift to someone close on the day of their wedding or civil partnership? This could not only be a generous gift, but can also be tax efficient for you. Under the Inheritance Tax rules you can give tax free: Each Parent (including Step-Parents)…