Jurisdiction(s):
United Kingdom

Key definition

Sole trader definition

What does Sole trader mean? A sole trader is an individual who carries on business on their own account, rather than through a company or partnership. The business has no separate legal personality: the proprietor contracts in their own name and has unlimited personal liability for all debts and taxes. Across England and Wales, Scotland, Northern Ireland and Ireland the usage is broadly consistent and is a descriptive term, not generally defined in statute (legislation typically refers to an “individual carrying on a business”). No incorporation or Companies House/CRO company registration is required. The proprietor must register for income tax self-assessment (UK) or as self-employed with Revenue...

Precedent will clause: gift of unincorporated sole trader business, including assets, contracts, premises and liabilities, with options for inheritance tax apportionment and secured debt treatment

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Precedents

I leave [ free of tax ] to [ full name of Beneficiary ] of [ beneficiary’s full address ] my business of [ nature of business ] [ also called [ name of business or trading name where relevant ] ] at [ full address(es) of where business carried on ]

together with all assets:

all Goodwill, machinery, plant, equipment, Stock, vehicles and other effects;
all debts due and monies credited at any bank or elsewhere, and the benefit of all contracts;
any freehold or leasehold premises it uses [ free of charges, to be cleared free of tax from the residue under [ clause 7 ] of this Will, including costs and interest accrued before redemption ] but subject to [ paying any such charges and to ] the beneficiary assuming all business liabilities; where leasehold property is included they must pay rent, comply with the tenant’s covenants and conditions, and keep my estate indemnified against all liability (before or after my death) under the lease or tenancy.

Alternatively, I state that inheritance tax on the above legacy shall be charged on that business property and paid by [ the beneficiary ] in exoneration of my Residuary Estate...

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Web page updated on 22/05/2026

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