Our offices across Guisborough, Middlesbrough, Hartlepool and Stokesley specialise in these areas, offering insightful advice on how to maximise BPR and APR benefits.
Our Inheritance Tax Solicitors support business owners and farming families across Teesside with Inheritance Tax planning, including Agricultural Property Relief (APR) and Business Property Relief (BPR).
Navigating Inheritance Tax can be challenging, especially for business owners and farming families. However, leveraging certain reliefs can significantly reduce the tax burden on estates.
Two primary reliefs to be aware of are Business Property Relief (BPR) and Agricultural Property Relief (APR). BPR can apply to company shares or partnership interests or assets within a business, like its premises. On the other hand, APR is relevant for agricultural land or farm structures used for farming purposes.
Both BPR and APR can potentially cover up to 100% of an asset's value. However, there are stipulations. You must own the assets for a specified duration, and not all assets qualify. Our Inheritance Tax Solicitors know that HMRC can be exacting about which assets are eligible for these reliefs.
Freers Askew Bunting's Inheritance Tax Solicitors specialise in these areas, offering insightful advice on how to maximise BPR and APR benefits.
It's crucial to incorporate these reliefs when drafting wills. By doing so, assets can be passed down to the next generation rather than just to a surviving spouse, who typically wouldn't face inheritance tax. Our Inheritance Tax Solicitors ensure these reliefs are properly applied so they aren't wasted, serving to protect familial assets.
Have a free, private conversation with our Inheritance Tax Solicitors today.
Rebecca advises on all aspects of future planning including wills, lasting powers of attorney and trusts. She also supports clients through the process of administration of estates.
Solicitor - Head of Private Client
