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Be certain clients’ inheritance tax planning takes full account of business property relief
KEY POINTS
- The basic principles of inheritance tax business property relief.
- The difference between eligibility for 100% and 50% relief.
- Is retaining property outside of a company always the best advice?
- Lack of corporate control can prejudice business property relief.
- Should advisers carry out inheritance tax “stress tests”?
The first draft of this article was entitled “Inheritance tax business property disbelief”. Although it did not quite work I felt that it was still worth a mention.
The first point to note in the situation outlined below is that the best witness regarding the advice and guidance that James was expecting to receive from Stanley his tax adviser (and accountant and auditor) will not be called upon to give evidence.
This is because James Stanley’s “former...
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