HMRC have announced a further extension of the non-statutory clearances provided to business owners in the area of business property relief.
From 1 May 2008, for a trial period of six months, clearances will be provided to business owners on the availability of inheritance tax business property relief, where there is material uncertainty over the interpretation of the law.
For IHT legislation older than the last four Finance Acts, there is a further requirement that the uncertainty relates to a commercially significant issue.
HMRC will aim to respond to clearance applications within 28 calendar days, though in complex cases this may take longer.
As part of the extended clearances service from 1 May 2008, HMRC will publish new guidance on business property relief clearances for business owners on the HMRC website.
All business owners and those acting on their behalf should send their applications relating to business property relief to IHT-BPR Clearances Team, Ferrers House, Castle Meadow Road, Nottingham NG2 1B, or e-mail mailpoint.e@hmrc.gsi.gov.uk.
Comments on the guidance and the extended service can be sent to: Emma Bailey, Tax Administration Policy, Central Policy, 100 Parliament Street, London SW1A 2BQ.
