Dealing with business assets in an estate administration

We can advise you on:

• The types of properties that qualify for Business Property Relief (BPR) – an inheritance tax relief for business assets – and what rates of relief apply
• Establishing the availability of BPR, including considering the minimum ownership requirement and any exclusions which may apply, and checking relevant company documents for provisions which could affect the availability of the relief
• Making a claim for BPR to HMRC where the relief is available
• The option to pay any inheritance tax on business assets in annual instalments (where there is an inheritance tax liability)
• Facilitating the transfer of the deceased’s shares following receipt of Grant of Representation, working in close partnership with our colleagues in the Corporate & Commercial team
• Circumstances where the deceased was the sole director of a company when they passed away
• The preparation of Deeds of Variation to redirect shareholdings to different beneficiaries where appropriate
• Administering gifts of shares in Wills, including advice as to whether the shares are to be paid subject to, or free of tax

Administering an estate can be challenging at the best of times, and more so where business assets are involved. It is therefore highly advisable that executors seek professional legal advice to ensure they are taking full advantage of the tax reliefs available to them.

Should you be looking for advice on any of the above matters or on Wills & Probate matters more generally, please do contact us on 0330 221 8855 or email wills@attwaters.co.uk.