Can anyone explain me the situation in regards to inheriting a small business? In this case the business in question is a small compant that my father has been running for more years than I care to remember. I have seen his will and know that he is leaving the business to me. However, all I can see myself doing with this is selling it. Does IHT Business Relief apply? Please give me some more info.
Yes, if you pass the business property onto someone else, the relief will be equal to the total value of of the property. But that is only true provding you can proove you have reinvested the entire amount applicable within three years of the transaction taking place. I hope that this information is of help to you. If you have any further queries please do not hesitate to contact me again.
