Business Succession
Recent government changes to inheritance tax laws are impacting business property relief, which could affect your business. It is advisable to update your Will to include a solid succession plan to maintain business continuity. Additionally, setting up Lasting Power of Attorney documents is recommended to ensure that trusted individuals can manage your business decisions should you lose capacity.
Understanding the Impact of
Inheritance Tax Changes:
Inheritance Tax (IHT) Adjustments: The government has revised its IHT laws, which may reduce the effectiveness of business property relief. This relief traditionally helps mitigate the tax burden when business assets are passed on, but changes may mean higher taxes or different thresholds.
Business Implications: These changes can have a si