If you are a business owner, especially a family business, whether on your own or in partnership with others, you can ensure that you properly protect the future of the business by planning the succession to the business in the most tax-efficient way. Your aim might be that your children inherit the business or that your current partners in the business should buy your share on your death. However, you will need proper advice to ensure that the business and its assets are passed on without losing any inheritance tax reliefs that you are entitled to. Without making proper provisions about these matters you may not achieve your objectives.
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