Businesses being built for inheritance purposes

by Daniel Jones

As many as one in five business owners have established their companies with the intention of leaving them to friends or family when writing a will.

More than 70 per cent of those questioned revealed to Santander Corporate Banking that they hope to secure the long-term future of their organisation by passing it down the generations.

Sue Douthwaite, divisional managing director for Yorkshire at Santander Corporate Banking, said: "Being able to pass on an inheritance to the next generation is powerful motivation for succeeding in business and it is striking that keeping it in the family is so important."

She highlighted that by thinking about inheritance, business owners are able to develop a long-term strategy for their firms, which is a positive move especially during periods of tough trading.

On estates where inheritance tax is due, payments must be made within six months of the person passing away, otherwise interest will be charged on the outstanding amount.

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Published on: September 22, 2011

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