Prior to the passing of a business owner, it is important that relevant arrangements are in place so the business can be transferred smoothly. Similarly, it may be beneficial to assess whether any assets involved in the business are eligible for inheritance tax (IHT) relief.
Awareness of IHT relief available for businesses can form a vital part of succession planning. As well as reducing increased levels of costs thought to be owed, it can also provide peace of mind for business owners and confidence in the success of the business following their passing.
