Wills & Trusts Law Reports | December 2013 #135The appellant appealed against a decision of the First-tier Tribunal (FTT). The issue before the FTT was whether Mrs Ramsay had transferred to TPQ Developments Ltd (TPQ) a ‘business as a going concern’ in exchange for shares issued by TPQ so as to qualify for roll-over relief under s162 Taxation of Chargeable Gains Act 1992 (TCGA 1992). The FTT found that what Mrs Ramsay had transferred to TPQ was not a business within the meaning of s162 of the TCGA 1992.
Mr and Mrs Ramsay owned a property known as Moat House in Belfast (the property). On 1...
Wills & Trusts Law Reports | July/August 2013 #131The appellant trustees appealed from a notice of determination dated 16 February 2010 whereby HMRC refused inheritance tax business property relief on the basis that immediately before the ten-year anniversary on 22 September 2007, none of the property comprised in the settlement was relevant business property for the purposes of s104 of the Inheritance Tax Act 1984 (IHTA). HMRC contended that the business was excluded under s105(3) IHTA in that it consisted ‘mainly of… making or holding investments’.
The principal asset of the settleme...
The result of the Pawson appeal has done little to clarify the criteria for claiming BPR in the case of furnished holiday lettings, as Matthew Woods and Sophie Carter relate ‘It was understood that HMRC were awaiting the outcome of this decision before issuing determinations on a number of other claims for business property relief …
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The result of the Pawson appeal has done little to clarify the criteria for claiming BPR in the case of furnished holiday lettings, as Matthew Woods and Sophie Carter relate Interpretation of an intelligent businessman versed on all the available law begins to sound like a tribunal judge, rather than the man on the Clapham …
Continue reading "Business Property Relief: Scrutiny of services"
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