Matthew Hutton explains how to achieve tax-efficient lifetime giving with a family business.

It has remained possible since 1992 to get the benefit of 100% business property relief (BPR) from inheritance tax (IHT) for passing on the family business. The relief applies whether the gift is made during lifetime or on death, though with lifetime gifts there are one or two additional points (or ‘traps’) to note. Where agricultural property relief (APR) and BPR apply to the same property, APR takes priority.