Illustration: Allie Sullberg
Spending & Earning
Wealthy Britons Embrace Creative Tactics to Beat Inheritance Tax
Major changes by the Labour government are upending traditional strategies for passing on fortunes.
Businessman Steve Perez is paying a high price to ensure his company survives once he’s no longer around.
The 68-year-old owner of a drinks and hotel chain in northern England is readying to hand over the princely sum of £100,000 ($130,000) a year for life insurance that will cover the estimated £10 million inheritance tax his heirs will need to pay on the business if he dies within the next decade.