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Will planning for assets qualifying for BPR

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance

Will planning for assets qualifying for BPR

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
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This guidance note considers how best to deal with assets which qualify for BPR on the death of the testator and the issues around Will planning for these assets to maximise the available relief. It considers the effect of leaving such assets by way of specific gift, maximising opportunities for planning with a spouse, the effect of assets qualifying for BPR on the availability of the residence nil rate band and the 36% rate. It also considers debts incurred acquiring, maintaining or enhancing assets qualifying for BPR before 6 April 2013 and the benefits of making a gift by Will rather than in lifetime. It highlights provisions in partnership and shareholders agreements that need to be considered to maximise relief, what to do to improve the BPR position before death, deathbed planning possibilities and what to do with assets where the BPR position is uncertain.

For an overview of BPR, see the BPR overview guidance note.

Will planning ― overview

All clients should have a Will so that their estate

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  • 01 Nov 2024 07:11

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