20.02.18

Research suggests 70% of individuals ‘unaware of inheritance tax nil-rate band’

Research carried out by Canada Life has suggested that a significant amount of individuals ‘do not know the threshold’ for the standard inheritance tax (IHT) nil-rate band. Canada Life found that 70% of those surveyed did not know the standard … Find out more »

15.02.18

Chancellor commissions OTS to review inheritance tax rules

Chancellor Philip Hammond has commissioned the Office of Tax Simplification (OTS) to review the UK’s inheritance tax (IHT) regime, and outline ways in which the tax can be simplified. In a letter to Angela Knight, Chair of the OTS, and … Find out more »

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The importance of considering your business in your will

If you own a business, careful consideration should be taken to ensure that your business is adequately provided for should you become seriously ill or die. It is important to draw up a Lasting Power of Attorney whereby you appoint someone to deal with your company’s interests should you lack the capacity to do so, and ensure that you prepare sound wills covering all the pertinent points relating to your business.

Important items for business partners to consider when writing their wills are:

 Would your business be able to continue whilst one or more director’s estates go through the probate process?

 Would any relevant remaining directors be happy to run the business with a deceased director’s next of kin?

 What would be the process for buying a business partner or director’s family out?

 Do your wills make the most of the tax breaks available to the business?

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