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Agricultural Relief
You can pass on some agricultural property free of Inheritance Tax, either during your lifetime or as part of your will.
What is Inheritance Tax?
Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died.
What is Business Property Relief?
When first introduced, the main aim was to ensure that after the death of the owner, a family business could survive, without having to be sold or broken up to pay an inheritance tax liability. Since then, Business Property Relief has been varied to also encourage people to invest in businesses, regardless of whether they run the business themselves.
What is the Residence Nil-Rate Band?
The residence nil-rate band is in addition to the standard nil-rate band, which is £325,000. The residence nil-rate band is £175,000.
The value of pensions and investments can fall as well as rise, you may get back less than you invested.
Tax treatment varies according to individual circumstance and is subject to change.
Business Property Relief Schemes (BPR) invest in assets that are high risk and can be difficult to sell, such as shares in unlisted companies. The value of the investment and the income from it can fall as well as rise and investors may not get back what they originally invested, even taking into account the tax benefits.
Investors do not pay any personal tax on income or gains, but ISAs may pay unrecoverable tax on income from stocks and shares received by the ISA managers.
Stocks and Shares ISAs invest in Corporate bonds; stocks and shares and other assets that fluctuate in value.
Inheritance Tax planning is not regulated by the Financial Conduct Authority.
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