Tax Planning - Succession & The Family Business

Introduction

This new virtual classroom seminar will explore the latest developments in succession planning and taxation for family businesses, including the proposed changes to Inheritance Tax (IHT) and non-domicile rules from 2025.

For many clients, ensuring that their family business continues smoothly upon retirement or death - and ideally remains within the family - is a key objective. However, IHT poses a significant threat to the financial security of business owners, making careful planning essential.

A central focus of the session will be Business Property Relief (BPR), an invaluable relief for business owners, yet one surrounded by complexity and case law.

Consideration will be given to key BPR cases including Balfour, which addressed diversified business structures, and Charnley, which explored questions of occupation and eligibility for agricultural property.

Beyond tax efficiency, this session will also consider the long-term preservation and sustainability of family businesses - recognising that succession is not only about minimising tax, but also about ensuring continuity and growth for future generations.

What You Will Learn

This live and interactive session will cover the following:

• Proposed changes to IHT and non-domicile rules from 2025
• Latest IHT issues with lifetime gifting, bequests on death
• PETs and CLTs
• Advantages/disadvantages of trusts and how they can be used to run and preserve the business
• BPR, diversification (particularly within farming) and the potential issues involved

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.