Among the attractions of investing in shares on Aim, the market for small and medium-sized growth companies, are the tax benefits some Aim shares can provide, notably the 100 per cent relief from inheritance tax business property relief.

But what exactly is this relief and what do investors need to know in order to benefit?

What is the rationale for providing a 100 per cent IHT exemption for certain businesses?

For shares held in a family business there is a logic to the generous 100 per cent BPR exemption from IHT. The argument goes that, on the death of the business owner, it could be very damaging to the business to levy tax at 40 per cent, which in some cases, if the only way to pay the tax is to borrow, could force the company to be sold to enable the family to meet the bill.

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