Tax Planning - Succession & The Family Business

Introduction

This webinar will include the proposed changes to IHT and non-domicile rules from 2025.

Your client will want to ensure that upon retirement or death their family business will continue and, usually, remain within the family. IHT is a particular threat to any business owner insofar as their own tax liability is concerned.

Business Property Reliefs (BPR) are also key considerations as far as tax is concerned, but preservation and longevity of the business will be a further concern, as no one can go on forever.

BPR has been the subject of several cases with respect to diversified businesses (Balfour) but farmers in particular seem to face this difficulty, questions of occupation, as well as potentially being able to benefit from BPR (Charnley) will be looked at as well as how these valuable assets can be passed down the generations.

What You Will Learn

This webinar will cover the following:

• Proposed changes to IHT and non-domicile rules from 2025
• Latest IHT issues with lifetime gifting, bequests on death
• PETs and CLTs
• Advantages/disadvantages of trusts and how they can be used to run and preserve the business
• BPR, diversification (particularly within farming) and the potential issues involved

This webinar was recorded on 10th July 2024

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