IHT changes spark succession rethink

Family businesses contribute greatly to the UK economy. They are comprised of single businesses or a range of business interests that need careful management. The importance of when to get the next generation involved in controlling them is crucial. Bringing younger family members into businesses earlier is viewed positively, although it depends on an array of factors. How they are introduced is important and they don't necessarily need a high leadership role. Last year’s Budget measures mean that shares in family-run businesses will become part of estates for inheritance tax reasons, removing...