How to use business property relief to mitigate IHT

Inheritance tax (IHT) is triggered when, in its simplest terms, an asset is transferred from one party to another typically on death. However, in reality there are exemptions and therefore complications as to how a liability to IHT can be mitigated. Firstly, we all have an allowance where assets can be transferred with no liability. The current threshold is £325,000 per individual. We are also able to make gifts during our lifetime which in monetary terms are relatively small. We can also enter into arrangements on trust for our beneficiaries. The liability to IHT in respect of gifts ...