When someone passes away, an inheritance tax (IHT) is levied on the property, money and possessions (“the estate”) that is left behind. UK inheritance tax one of the highest in the world. It is charged at 40% (above the £325k threshold).
If you are planning to sell or pass on your family business in the UK, you will need to consider the most tax efficient way of doing so. Business Property Relief (BPR), Inheritance Tax (IHT), Stamp Duty Land Tax (SDLT) and Capital Gains Tax (CGT) all must be considered.
The structure of your company is important to reduce tax liabilities. Sole trade, partnership or limited companies may be handed on (or sold) either in stages or one go. Companies can be handed on as a life time gift or on death, but either way, good planning is essential.
We’ve worked closely with financial planners and solicitors to draft and execute company sales, business restructures, trust creations and writing wills.
If the property is involved, Estate Planning, tax planning is even more critical. UK property remains one of the best assets you can invest in as prices have risen consistently for decades.
Our services cover residential and commercial property taxes and we can suggest suitable finance options for you to consider. We can also advise on acquisition and disposal planning, stamp duty land tax and capital allowances in the UK. Some property-tax related liabilities and opportunities are one-off transactions. Others are on-going, which require regular compliance reports and payments that must be planned for.