Melissa Welch’s Post

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Senior Associate (Corporate) at Mills & Reeve

The UK’s 2024 festival season is off to a rocky start, with over 40 events either cancelled or postponed this year already. This is perhaps unsurprising with the many unknowns that festival organisers face; just think of the good old British weather! Considering the level of uncertainty faced by festival organisers, there has never been a greater need for cash reserves. It is little wonder, therefore, that Glastonbury Festival’s Company Accounts showed cash reserves of over £6 million last year. However, for those businesses not holding an outdoor event for over 200,000 people who are quite literally “saving for a rainy day”, then having too much cash on the books can be problematic as far as inheritance tax is concerned, thanks to the restrictions on inheritance tax relief that apply to “excepted assets”. Read the full article here https://lnkd.in/eQyeFzGJ #PrivateClient #PrivateWealth #InheritanceTax #Estates #Trusts #Wills

The risky business of festivals

The risky business of festivals

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