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Readers’ forum: Mitigating tax on death

22 April 2024
Issue: 4933 / Categories: Forum & Feedback , Business
Pub tax consultancy corner

My friend’s father (F) passed away 18 months ago leaving his widow (M) who is in good health and three adult children. There is a company which traded in various kinds of vehicles since the early 1950s. A/B shares were held 75% by F and 25% by M. F has left everything to M. Until 2015 the trade was the principal activity and source of income and it took place from several freehold premises. Recently trading turnover decreased and finished about seven years ago but the company received rents from letting the trading premises and bank interest. In April 2023 my friend decided to restart the trade. Some of the premises have been sold but three workshops are retained and were let until a year ago when the son took them back for the resurrected business. There is also one large property which used to be partly...

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