5th September 2017

Prudential: HMRC finds success ‘in the round’

In this article Prudential’s Senior Technical Manager Graeme Robb explores a recent tribunal case which focuses on whether or not a furnished holiday letting business qualified for 100% Business Property Relief for inheritance tax purposes.

Key points

• Business interests are potentially eligible for 100% BPR
• Shareholders in private companies, sole traders and partners are all potentially eligible
• A business of wholly or mainly, making or holding investments will not qualify for BPR
• Owning and holding land to earn rental income will generally not qualify
• Accounting and other evidence may be factors but not necessarily decisive
• To come to a conclusion, businesses must be looked at "in the round"

Read the full article here

Tax, Trust & ISA