Most, if not all, company directors and shareholders will have to make tough decisions throughout the lifespan of a company. However, we recognise that the toughest one of all can be deciding how to exit a company when plans to rescue or restructure have failed.
Since 30 September 2017 it has been a criminal offence if a business fails to prevent its employees or any person associated with it from facilitating tax evasion.
It is generally well known that IHT is levied at a rate of 40% where an individual’s estate exceeds any available nil rate bands, does not qualify for special reliefs or exemptions, and passes to non-exempt beneficiaries such as children or grandchildren.
What is less well known, however, is that Estates above £2m can suffer IHT on part of their value at an effective rate of 60%. This is explained below.
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