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MICHAEL BLAKE warns advisers and farmers not to take business property relief for granted
KEY POINTS
- Business property relief may apply when agricultural property relief does not.
- The legislation at IHTA 1994 Part 5 Ch 1 and Ch 2.
- Is relief disqualified by IHTA 1994 s 105(3).
- Defining a business and the relevant case law.
- Lettings woodlands and joint ownership.
In my previous article Passing on Old MacDonald’s farm I noted how farming differed from other businesses because it is the home as well as the business. Farmers are also different from other businessmen; they can be vague. If you ask them who the farm belongs to they will reply ‘it is ours’.
You will later discover that it is owned by at least two generations a few relatives and a...
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