Wealthy families take advantage of a tax loophole by accumulating business assets
- On January 21, 2022
- By GrowthInvest Marketing
Business assets are a tax loophole that wealthy families take advantage of.
THE INVESTMENT AND CAPITAL GAIN TAX LOOPHOLE that could allow wealthy families to pass on their fortunes with little or no tax liability.
Ordinary families can be caught off guard by large inheritance tax (IHT) bills when trying to provide for their loved ones after they pass away.
However, a loophole exploited by the country’s wealthier citizens may allow many to pass on their fortunes without paying taxes.
IHT alone brought in £5.1 billion in the 2019-2020 tax year, with Capital Gains Tax (CGT) bringing in a further £9.9 billion.
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