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Issue:
4949
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Categories:
Comment & Analysis
, agricultural property relief
, business property relief
, Inheritance Tax
A rural idyll – under threat?
Key points
- It would be better to reform the inheritance tax system to make it simpler and easier rather than tinker around the edges.
- Business relief provides 100% relief on the value of a business (or a share in a business) as well as the value of shares in unquoted trading companies.
- Agricultural property relief applies to the agricultural value of assets.
- A contract with a third-party farmer must be carefully checked to make sure the rights and obligations are set out correctly.
- To be a farmhouse the property needs to be of a size and character expected for the type of farm and occupied for agriculture.
- Effect of the Balfour decision on BR claims.
Many taxes generate strong reactions but the one which seems to draw the most attention is inheritance tax (IHT). Most of the anger is rooted in the perceived double taxation –...
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