Craig Simpson, Tax Partner at Bates Weston, considers the impact the Government’s proposed changes in the treatment of pensions for Inheritance Tax purposes will mean for business owners, and what can be done to prepare for them.
In some circumstances it is possible to make a gift out of surplus income which is immediately exempt from Inheritance Tax (IHT), meaning the usual 7 year survival of the donor is not needed to exempt the gift.
Craig Simpson, Tax Partner at Bates Weston highlights the impact of the changes to Inheritance tax on business and agricultural assets on privately owned businesses as well as the farming community.
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