Areas of Law / Wills and Probate

I own a business and I am concerned about inheritance tax on my death. It could mean my son will be unable to continue with the business and might also mean the loss of jobs for valuable employees, some of whom have been with us for a long time.

Business relief can reduce the amount of a business that is subject to inheritance tax on a person’s death, and if your business qualifies your inheritance tax problems may be reduced or removed entirely. Consult a solicitor or accountant. If it doesn’’t qualify, you need to decide whether you want to give the business to your son, set up an arrangement whereby you dispose of the value or some of the value in the business while retaining control yourself, or whether you wish to fund the liability through insurance.

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