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Dealing in land
KEY POINTS
- The importance of differentiating trading companies and dealing in land.
- Do not overlook the capital gains tax and other implications of property transfers.
- When will inheritance tax business property relief be available on shares in a land development company?
- Care is needed to ensure that the activity should not be regarded as a ‘fake land’ dealing activity.
- Shares in a property development company should qualify for relief.
With so many property development opportunities facing landowners in the UK it is important for tax advisers to understand what qualifies as a trading company and what qualifies as a company ‘dealing in land’ for tax purposes. Part of this review must be to consider the most tax-effective business structure for development land. Whether the ordinary shares in a company dealing in...
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