Home/ Tolley Tax Guidance / Owner-Managed Businesses / Exiting the business and succession planning

Exiting the business and succession planning

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Trusts and Inheritance Tax

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Gifts out of surplus incomeA valuable exemption from inheritance tax (IHT) applies to gifts out of surplus income. This exemption applies only to lifetime gifts and is therefore a key part of lifetime planning. The exemption applies to both outright gifts and gifts into trust. Gifts which meet the

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