Business: Inheritance Tax
The question
To ask the Chancellor of the Exchequer, what process will be used to value family businesses after the changes to Business Property Relief are introduced.
Answered by Dan Tomlinson
The inheritance tax value of a person’s estate is the open market value of all their assets and liabilities. The forthcoming changes to business property relief will not change the existing rules on valuing a business. Valuation assumes a sale between a hypothetical seller and buyer, reflecting reality for all other factors such as industry conditions, trading history, and prospects, according to industry standards.
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