I understood that family owned trading companies escaped inheritance tax. Is this still the case?
If for instance my parents were to purchase an industrial unit with the purpose of having a sponsored race team, would this count? Another company, ie very much a trading one and one I have a share in, would be paying sponsorship and this would be the major income. Alternatively this company could own the share of the sponsoring company but perhaps this wouldn't be as preferable because the major income would be seen as investment income.
Any ideas or thoughts. The principle would be to put the lion share of the capital purchase of the property out of reach of the tax man but at the same time to included a sponsored racing activity for myself.