Under current rules, there will be no CGT and perhaps little or no IHT to pay if you retain business property until your death. This is fine, as long as you wish to continue to hold your business interests until death, and recognise that the rules may change, the IHT rules that will apply at the date of your death are as yet unknown!
Alternatively, you may wish to hand your business over to the next generation. A gift of business property today will probably qualify for up to 100% IHT relief, and any capital gain can be rolled over to the new owner, so there will be no current CGT liability.
Gifts do not have to be in cash. You could save more IHT and/or CGT by giving away assets with the potential for growth in value. Give while the asset has a lower value, and the appreciation then accrues outside your estate.
Gifts out of income
Another way to build up capital outside your own estate and save inheritance tax is to make regular gifts out of income, perhaps by way of premiums on an insurance policy written in trust for your heirs. Regular payments of this type are exempt from IHT.