An exit or succession plan is intended to provide a strategy that can be followed to achieve an objective, while minimising tax and other issues caused by disjointed decision making.

Planning is often intended to ensure that assets are passed on in a managed, tax efficient manner, optimising the use of agricultural property relief (APR) and business property relief (BPR) to minimise the inheritance tax (IHT) payable.

The strategy may also involve acknowledging that tax will be payable and making provision to ensure that the executors are able to fund the payment of any tax due.