Farming partnerships often start life as a sole trade with family members being introduced into the business over the years. Historically, the farmland itself is seldom shown on the business balance sheet and is held personally. Does this affect the entitlement of the owners to inheritance tax business property relief?
The inheritance tax proposals for transfers to a non-domiciled spouse or civil partner
The life tenant of an interest in possession trust would like to use some of the capital to purchase a residential property in which she could live. One of the remaindermen is a minor, but the other beneficiaries are happy to allow this. The tax implications of a capital withdrawal or property purchase are reviewed
A husband and wife trade as a restaurant that operates from the ground floor of a property they own. The upper floor of the building is a flat, which is occupied by the wife
A dormant company owns a one-quarter share in a property. The rest is owned by the company’s shareholder. The property has gained in value and the owner wishes to pass it to his children
A widow owned the flat in sheltered accommodation in which she lived until her death in January 2008. A valuation of £175,000 from the management company was accepted by her executor, but the property sold for only £117,000 in July 2012
Implications of the Upper Tribunal decision in Pawson for owners of vacation lets
A farmer owns farmland from which he trades, but his father owns the farmhouse itself. Does the Hanson case have implications for the availability of agricultural property relief in respect of the house?
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