Setting up a trust is one of the most tried and tested methods for protecting assets. It can be an important wealth management tool and critical element in prudent succession planning.
Family businesses face most of the same challenges and difficulties as all other businesses, but have the added complication of involving important personal relationships. Such relationships can cause the business to have different considerations and priorities, and when things go wrong, the consequences can be even more severe. In our experience, problems relating to ownership and management of a family business tend to be less prominent during the first generation of ownership, but we typically see problems start to arise when the second generation of family members is looking to step in or take over.
If you are concerned about how much Inheritance Tax (IHT) your estate will be liable for when you pass away, leaving a gift to charity could reduce your bill. Gifts to charity, when properly executed, can reduce or, in certain circumstances, even eliminate your inheritance tax liability entirely as they do not count towards the taxable value of the estate. In this article, we look at the tax benefits of leaving gifts to charity, what you can gift, and how to leave a gift in your Will.
The long-awaited Relinquishment and Assignation procedure in respect of 1991 Act agricultural tenancies came into force on 28 February 2021.