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Agricultural, Business and Heritage Property Relief 8th ed

ISBN13: 9781526515209
Previous Edition ISBN: 9781526503763
Publisher: Bloomsbury Professional
Country of Publication: UK
Format: Paperback
Price: Publication Abandoned

An expert guide to the rules of inheritance tax relief for business, farm, woodland and heritage property, and the only book on the market to cover all these reliefs in the same volume. It discusses everyday situations that are likely to be encountered in practice and provides guidance on compliance, along with tips for saving clients' tax. It also contains numerous examples of pitfalls to avoid in this complex area of tax law.

This new edition covers the following developments:

  • Revised HMRC guidance and interpretation on holding companies, LLPs, farmhouses and the level of discount, qualifying shares and clawback available
  • Changes to the main residence nil rate band and the effect of business and agricultural reliefs and spouse exemptions
  • Alignment of IHT/Estate Duty on heritage property
  • More interest in heritage property relief, prompting more practical discussions/examples/crossover for farmhouses

Numerous important cases are also referenced including these recent decisions:

  • Graham (Deceased) v Revenue & Customs [2018] UKFTT 306 (TC) (on whether holiday letting arrangements were mainly a business of holding investments)
  • Vigne (Deceased, Personal Representative of The Estate of) v Revenue and Customs [2017] UKFTT 632 (TC) (on whether a business did not consist 'wholly or mainly of making or holding investments')
  • Williams & Ors v Revenue and Customs [2018] UKFTT 136 (TC) (on whether rental payments were deductible from the value of the business)

Property Law, Taxation, Agricultural Law
Chapter 1: Introduction
Chapter 2: Agricultural property: qualifying property
Chapter 3: Agricultural property: agricultural value, the rates of relief, occupation and other aspects
Chapter 4: Agricultural property: areas of particular concern
Chapter 5: Business property: property qualifying for the relief
Chapter 6: Business property: the rates of relief, limitations to the relief
Chapter 7: Relevant business property: exceptions to the relief: excepted assets
Chapter 8: Relevant business property: aspects of valuation and the treatment of liabilities
Chapter 9: Relevant business property: exceptions to the relief: 'wholly or mainly holding investments'
Chapter 10: Clawback
Chapter 11: Woodlands
Chapter 12: Overlap of APR and BPR
Chapter 13: Tax shelters
Chapter 14: General planning points
Chapter 15: Will planning
Chapter 16: APR and BPR: the new regime
Chapter 17: Heritage property: what qualifies, undertakings and access
Chapter 18: Heritage property: application for exemption and variation of undertakings
Chapter 19: Heritage property: loss of the exemption
Chapter 20: Heritage property: the regime for relevant property trusts
Chapter 21: Maintenance funds
Chapter 22: Compliance
Chapter 23: Payment of IHT
Appendix 1: Legislation
Appendix 2: Statutory Instruments
Appendix 3: Extra Statutory Concessions
Appendix 4: Inland Revenue Statements
Appendix 5: Revenue and other press releases
Appendix 6: Forms used in IHT 100 and 400
Appendix 7: Immensee Farm: a case study
Appendix 8: Heritage property: the old rules