An important message about Inheritance Tax

The Autumn Budget has certainly triggered a lot of questions and concerns from our clients.

Particularly from farmers whose estates may now be subject to Inheritance Tax when they die, whereas previously there were good tax reliefs to protect their estates.

If you are a farmer and are concerned about how this might affect you and your estate, we would like to highlight the following important points:

1. There have been changes made to Agricultural Property Relief & Business Property Relief.
2. The tax reliefs available on gifting of business assets prior to death are still in place.
3. IHT and succession planning are now more important than ever.
4. We can advise on this and work in conjunction with your solicitor and financial adviser as appropriate.
5. We can provide a checklist for you to complete and can take this forward for you. Please contact the team and we will send you a copy of the checklist.

Overall, JRW Hogg & Thorburn are ready to advise you in relation to Inheritance Tax and business succession planning. Please do get in touch with our teams at your local JRW Hogg & Thorburn office.

Alister Biggar, Partner