You may own a business that is eligible for an inheritance tax relief known as Business Property Relief, applicable to most types of trading or service businesses.
Under some circumstances this relief may not be fully utilised, resulting in a much larger than necessary inheritance tax bill.
A Business Property Trust is a type of discretionary trust aimed at avoiding this. However, more importantly those people with businesses virtually never plan for the passing on of their shares in their businesses, resulting in unforeseen consequences for the remaining co-owners as well as tax consequences.
TJP Wills and Estate Planning can provide expert specialist advice in this area.