businesses and farms (even farms which are businesses!) will qualify for 100% inheritance tax relief only on £1million of value – thereafter it’s only 50% relief. That £1million limit is per person – so spread the value between spouses by ensuring it’s all jointly-owned. Failing that (or even in addition to that) gift the assets to the next generation and ensure you survive the next 7 years. There should be no capital gains tax on any such gift, but that only applies if they are trading assets or any farmland. Anything you gift, you cannot continue benefiting from either – it’s meant to be a gift!