You may be familiar with the use of reliefs and exemptions as a planning tool to manage your estates liability to inheritance tax. You will probably know something about Business Relief formerly known as Business Property Relief but it would appear that you may not be in the majority.
Business Relief can in certain circumstances provide 100% relief against inheritance tax for qualifying businesses. However it is claimed that last year just over one thousand people used Business Relief to reduce their inheritance tax bill.
If you would like to know more about how to introduce Business Relief to your tax planning please contact us.
This is a 22% drop on the preceding year, when £1.6bn was saved from the taxman and a 45% drop since 2014-15