If you inherit the estate of someone who died and part of that estate includes a business or its assets, you can apply for Business Relief to reduce its value by 50% or 100% and pay less Inheritance Tax as a result.
Visit GOV.UK for information on:
- how Business Relief works
- how to claim relief
- what qualifies for Business Relief
- what doesn't qualify
- giving away business property or assets
- how to get Business Relief on a gift