Business property relief explained

Are you missing an opportunity by not discussing the benefits of business property relief as an IHT tool with clients?

Traditionally wealthy families sought advice on inheritance tax (IHT) mitigation from their family solicitor or accountant. In the last decade the number of estates liable for IHT has increased by approximately 40%. With more people caught by IHT the net for advice is being cast wider and advisers have an opportunity to help their clients plan ahead. Business property relief (BPR) offers a number of options for clients and comparatively speedy results relative to more traditional methods like gifting and trusts. Until 2015 the rate for IHT is set for 40% on any estate that is worth in...