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There are a number of reliefs available that can reduce liability to Inheritance Tax (IHT) when you inherit the estate of someone who has died.
One of these reliefs is known as IHT Business Relief and is a valuable tax relief for taxpayers with business interests. The relief offers a 50% or 100% deduction from IHT on the value of the business assets if certain conditions are met.
Relief is only available if the deceased owned the business or asset for at least two years before they died. There are a number of restrictions to the relief, for example, if the company in question predominantly deals with securities, stocks or shares, land or buildings, or in making or holding investments. In some cases, partial Business Relief may be available.