Inheritance Tax

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The owner of a children’s day nursery employs her daughter as a manager, but wishes to bring her in as a partner. They will share the profits equally and the mother intends that she will transfer a 5% share of the business property to the daughter

Hanson (Trustee of the William Hanson 1957 Settlement) (TC1791)

Guidance and worked examples available

A married couple have purchased a property in which their elderly aunt will be allowed to live for the rest of her life. Advice is required as to whether HMRC’s statement of practice 10/79 means that an interest in possession has been created

Until he temporarily moved out due to medical problems, an 86-year old farmer lived in the farmhouse on a 50-acre farm. His absence, farmhouse renovations, the changed farming activities and the fact that the farm was previously twice as big may have adverse tax implications

Can a furnished holiday letting qualify for IHT business property relief? PRIYA DUTTA and IAN MASTON report on a positive tribunal decision

MARK MCLAUGHLIN highlights the importance of the inheritance tax exemption for normal expenditure out of income

JENNY NELDER outlines the basics of share valuation for taxation purposes

N V Pawson (deceased) (TC1748)

A woman's husband died in 1973, before she became resident in the UK. She occupies a UK property with a son and daughter, while a second son lives elsewhere

Watkins and another (executors of Watkins deceased) (TC1582)

A client was left a life interest in the property occupied by her and her partner until his death. As the house was located some distance from the rest of her family the property was sold and a replacement purchased

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