CGT on business assets

[Blueskies]

Hi there,

I own a commercial property that I used to do business in.
I am now thinking of letting it out.

My understanding is that this previously I could get IHT relief on this, so isn't part of my estate.

Now I am letting it out, does that therefore mean it is part of my estate.
This would push me way over (to the tune of £500k) the nil rate band.

Am I right?
If so, any ideas for getting around it?

[Arnold Aaron]

It is now part of your estate and therefore liable for IHT, whether it is rented out or not.

Depending on your other assets and your circumtances, life assurance may be an idea (depending on health age etc). Further, have a read of another post, where a similar question was posted - The discounted gift Trust may give you some food for thought.

http://www.taxationweb.co.uk/forum/best-way-to-not-incur-or-minimise-iht-and-cgt-t27234.html