17 April 2024
Inheritance Tax and Estate Planning
A Comprehensive Guide to Inheritance Tax and Estate Planning for Business Owners
While most individuals primarily consider their house or car as their largest assets when it comes to inheritance tax (IHT), business owners face a more intricate situation. Successful companies often accumulate a diverse range of assets, including properties, shares, stocks, and other investments. However, relying solely on the protection offered by the business structure is not sufficient to safeguard your capital.
To avoid the burden of a 40% tax bill on your hard-earned assets, proactive estate planning becomes essential. Not only does this help manage the tax implications for future generations, but it also provides additional security for your family and dependents when transferring wealth. In this context, Shazin Tayub, Director at Haines Watts Leicester, sheds light on the IHT landscape specific to business owners and emphasizes the importance of strategic planning for a secure financial future.
