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ROBERT ARGLES provides an overview of business property relief and how this can alleviate the burden of inheritance tax
KEY POINTS
- What exactly is a business under the relief?
- The 100% and 50% reliefs.
- What exactly is a business under the relief?
- The need to look at the business as a whole.
- Holiday homes; business or investment?
- Are the assets excepted assets?
- The impact of cash deposits.
For those trying to lighten the burden of inheritance tax for their clients by far the most valuable and significant of the reliefs is that for ‘relevant business property’ the provisions governing which can be found in IHTA 1984 ss 103 to 114.
This relief does not depend on the character of the donee or whether the property is in the UK or abroad or on the donor surviving the seven-year period (subject...
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