Whilst many owners of FHLs may be concerned about business property relief not being available to them, they continue to be in a favoured position because of the potential availability of capital gains tax (CGT) holdover relief under s. 165. Otherwise, owners are in no worse position than those owning let property and there are a number of tax planning strategies that can be used to ensure that such businesses are passed on to the next generation without suffering IHT. Those strategies require long-term planning, so more thought needs to be given to the family’s long-term objectives and ensuring succession in good time.

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