Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

New queries, issue 4665

25 September 2018
Issue: 4665 / Categories: Forum & Feedback

Inheritance headache; Status anxiety; Computer says no; Housebuilder

Inheritance headache

Business property relief applicable to legacy.

I have a case in which the deceased left a will with a legacy of the nil rate band to his two daughters in equal shares.

The definition of the legacy set out in the will is: ‘such sum as is equal to the upper limit of the nil per cent rate band in force at my death etc’ and refers to the Inheritance Tax Act 1984 with a deduction for any chargeable lifetime transfers. The residue passes to his widow. He made no chargeable lifetime transfers and so the full nil-rate band is available.

Among the assets of the deceased were shares in some family enterprises that are clearly trading companies and seemingly tick all the boxes to claim business property relief from inheritance tax at 100%.

My concern is whether the Inheritance Tax Act 1984 ...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

back to top icon