Business owners can benefit from a valuable relief termed Business Property Relief (‘BPR’) which can mean no inheritance tax (IHT) to pay on the death of the owner, shareholder or partner. There are various preconditions for full relief to be available. In order to qualify for BPR, the business must be a trading entity, as
Nationally, the total inheritance tax (IHT) bill for the 2016/7 tax year has hit £4.9 billion and a further increase of over 20 per cent is expected in the current tax year. The burden is likely to grow as asset prices rise and the government looks for more tax revenue. Rising house prices in areas
The imminent changes to the taxation of ‘non-UK domiciled’ individuals will undoubtedly impact upon where internationally mobile individuals choose to base themselves in the future, especially in the wake of the momentous worldwide political events of 2016. Currently a UK resident but non-domiciled individual can, by paying a remittance basis charge, choose to pay tax on his or her foreign source income and gains
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