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JGM, Solicitor
Category: Property Law
Satisfied Customers: 12195
Experience:  30 years experience in property law.
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If my son decides to wind up my business on my death, there

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If my son decides to wind up my business on my death, there will be inheritance tax to pay on the full value of my cash, shares, home and the business. There will also be corporation tax to pay on the business. Will this be payable before or after the IHT?
The corporation tax would be payable before the company was wound up and in the ordinary course of business. The value of the company at the date of death would be used in the calculation of IHT. Which would be paid first would depend on the progress of the administration of each entity; your estate and the company.
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Customer: replied 3 years ago.

When I die, my children will inherit my business. If they decide to close it down, the assets will be sold and corporation tax will be payable. Will they each have to pay income tax on the money they get from the sale of the assets?

Not income tax, but potentially capital gains tax.