Owners of trading businesses potentially enjoy significant capital tax breaks. Business property relief is a generous relief from IHT, but investment activity, business assets not used for business purposes and debt arrangements can jeopardise the relief. Gift relief from CGT may be available but needs to be claimed and is subject to claw-back. Although the current tax rules are very favourable, they may change in future, so lifetime giving should still be considered.
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Owners of trading businesses potentially enjoy significant capital tax breaks. Business property relief is a generous relief from IHT, but investment activity, business assets not used for business purposes and debt arrangements can jeopardise the relief. Gift relief from CGT may be available but needs to be claimed and is subject to claw-back. Although the current tax rules are very favourable, they may change in future, so lifetime giving should still be considered.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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