Inheritance Tax Planning

Inheritance Tax relief's

Having given your maximum allowances in gifts and qualifiable exemptions the only thing for you to know now is whether or not your estate qualifies for any of the inheritance tax relief's available under the system.

There are a few reliefs available but the two main areas of relief are as follows:-

Business relief

This is quite a complex relief and some things qualify whilst others don't but in simple terms it allows you to pass on business assets without the payment of IHT it includes such things as property buildings shares and machinery. Depending on what it is exactly that is being transferred it can qualify from between 50% and 100% tax relief.

Agricultural relief

This one is much more simple it is attributed to agricultural property such as farms etc. It includes farmland and buildings and property but does not include machinery. That said the machinery may qualify for business relief so it is worth checking with the revenue on that one.

Please note that any relief is complicated and may also be somewhat subjective, so it is well worth ensuring that you seek good advice before making any lasting decision regarding your IHT liability. For a free no obligation chat with one of our specialists please click on the contact button at the top of this page.