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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Wills & Trusts Law Reports | May 2012 #119The appellants were the personal representatives of Nicolette Vivian Pawson (Mrs Pawson) and appealed against a notice of determination dated 1 October 2008. The notice had determined that Mrs Pawson’s 25% interest in a property known as Fairhaven, Thorpeness, Suffolk (Fairhaven) was subject to inheritance tax on a deemed disposal at the date of her death. The appellants contended that Fairhaven was entitled to relief as a relevant business property. Fairhaven was a large bungalow overlooking the sea in a holiday area. It had made a profit for each year since 2003, save for 2005/06...
Wills & Trusts Law Reports | December 2011 #115The appellants were the personal representatives of Mrs Eileen McClean (the deceased), who died on 8 January 1999. The appellants claimed that 33 acres of agricultural land in the deceased’s estate, which at the date of the deceased’s death was valued at £5.8m, owing to it having been zoned for development use, was business property for inheritance tax (IHT) purposes. The respondent, HMRC, determined that no part of the value of the agricultural land transferred on death was attributable to the value of any relevant business property.
The land comprised a number of fields in grass...
