Business Property Relief changes – mitigating the impact on owner-managed brokers
In the first of a three-part series focused on the fallout from the 2024 Labour Budget, Stephen Kenny, head of private client at PKF Littlejohn, outlines the changes to Business Property Relief and how broker-owners should consider responding.
In the 2024 autumn Budget, Rachel Reeves announced significant changes to Business Property Relief (BPR), which has been a key relief for owners of unquoted businesses – including many brokers.
BPR provides relief from Inheritance Tax (IHT) on the transfer of relevant business assets at the rate of 50% or 100%:
AssetsRateA business or an interest in a business100%Unquoted shares100%Unquoted securities which, on their own or combined with other unquoted shares or securities, give control of anOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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