Following on from the article last week, this article will cover the remaining conditions that must be met for a business to qualify for business property relief (BPR). Please note that the following should only be intended as a brief introduction to BPR. BPR is a complex area with several pitfalls. When it comes to … Read moreBusiness Property Relief (Continued)
What is Business Property Relief? Business property relief (BPR) is a relief from inheritance tax (IHT) for certain business assets. When its conditions are met, the value of gifts of the business assets are reduced for IHT purposes by either 100% or 50%. The main aim of BPR is to reduce the risk of IHT … Read moreBusiness Property Relief – Qualifying Businesses
It is fairly common for spouses, where at least one of them owns a business and they wish to leave this to their spouse upon their death. On first death, this would be free of inheritance tax due to the spousal exemption. Second death should also be considered. If a business qualifies for business property … Read moreWhy use a Business Property Relief Discretionary Trust?
What is BPR? A relief applied to business property and can provide up to 100% relief from Inheritance Tax. There are a number of conditions which are required to be met: The business must be a qualifying business, The business must be what is referred to as ‘relevant business property’, and; Ownership conditions must be … Read moreBusiness Property Relief (BPR)