Business Relief for Inheritance Tax
Give away business property or assets
Someone can give away business property or assets while they바카라 사이트™re still alive and the estate can still get Business Relief on Inheritance Tax, as long as the property or assets qualify.
How to get Business Relief on a gift
If someone gives away business property or assets, the recipient must keep them as a going concern until the death of the donor if they want to keep the relief.
They can:
- replace the property or assets - like machinery - with something of equal value if it바카라 사이트™s for use in the business
- only get relief if the donor owned the business or asset for at least 2 years before the date it was given
When is a gift no longer liable for Inheritance Tax
Any gift made more than 7 years before the donor바카라 사이트™s death doesn바카라 사이트™t count towards their estate for Inheritance Tax purposes.
You may have to pay Capital Gains Tax or Income Tax if you sell, give away or exchange (바카라 사이트˜dispose of바카라 사이트™) an asset or property if it바카라 사이트™s gone up in value during the time you owned it.