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Probate fees and protecting the business
You may have seen the recent news about proposed rises in probate fees up to a possible £20,000. This was seen by most as an additional death tax, however I am pleased to advise, that with the imminent General Election, this proposal has been scrapped. A word of warning however, if the same party remains in power following the general election, there is every likelihood that this will reach the top of the agenda again and be re-introduced.
With proposed changes such as this and with the uncertainty surrounding Brexit, now is a great time to review your business protection for the coming years and ensure you have a succession plan in place and that this plan is documented.
You may have seen that we have recently launched our rural business specific Business Protection package called “Farm Futures”. We have run a series of seminars with trusted professionals across the whole of the North West and seen over 500 farmers and other rural businesses at these events, so the issue is clearly on everyone's mind.
For a free initial consultation please get in touch with the Rural team.