Business and Agricultural Property Relief 6th ed

Business and Agricultural Property Relief, 6th edition is a practical guide to the rules of inheritance tax relief for business, farm, woodland and heritage property.

It examines both legislation and case law in detail, and provides worked examples to illustrate how principles of tax relief are applied in practice. Numerous references to HMRC guidance and Manuals are also included.

This book discusses everyday situations that are likely to be encountered in practice and provides guidance on compliance, along with tips for saving clients’ tax. Most importantly it contains numerous examples of pitfalls to avoid in this complex area of tax law.

It covers topics and questions such as: What constitutes agricultural property? What is treated as business property? The definition of woodland; The types of property that attract heritage relief; How reliefs interact; How reliefs may be lost; Valuable planning ideas; Specific specialist subjects such as holiday lettings, horses, Lloyd’s underwriters, heritage maintenance funds and the treatment of royalties of deceased composers.

Include the following legislation and case law:-

• FA 2013 s176 and Sch 36 – new measures designed to prevent the deductions of debts;
• FA 2012 s49 and Sch 14 – new Cultural Gifts Scheme which introduces new IHT relief for heritage property;
• Pawson v HMRC [2012] – remains very important as severely limits the ability to secure BPR on furnished holiday lets;
• HMRC v Hanson [2013] - provides much needed clarification when deciding whether a farmhouse qualifies for Agricultural Property Relief;
• HMRC v Atkinson [2012];
• Golding v HRMC [2011];
• G Silber (pr of Lerner (Deceased) v HMRC (2012);
• Swain Mason v Mills & Reeve [2012];
• Sir Malcolm Arnold (deceased)/Dav v Harris [2013].