A lot of clients come to me to find out how they can reduce their estate to avoid IHT and there is a simple short answer:
irrevocably give assets away (so that you no longer receive any benefit whatsoever) and survive for 7 years after you have given them away (or the value comes back into your estate).
Farming and rural businesses often have specialist needs particularly if there is a generational change or sale of the farm.
In practice they are complex businesses and must be properly managed by an experienced accountant who understands their sector. Offering an explanation on the need for planning advice can often be the key to in depth conversations that uncover future taxation issues and help them plan ahead.
Are you aware of whether your estate would be liable for Inheritance Tax (IHT) upon your passing? Do you have appropriate measures in place to safeguard the inheritance of your beneficiaries?
Join us for Practical steps to secure and protect your family’s wealth!
This is an in-person event being held at Cafe AB, at Arighi Bianchi, in Macclesfield.