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Agricultural, Business and Heritage Property Relief 7th ed isbn 9781526503763

Business and Agricultural Property Relief 6th ed

ISBN13: 9781780435497
New Edition ISBN: 9781526503763
Previous Edition ISBN: 9781845923440
Published: July 2014
Publisher: Bloomsbury Professional
Country of Publication: UK
Format: Paperback
Price: Out of print

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].

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: HMRC Statements
Appendix 5: HMRC and other press releases
Appendix 6: Forms used in IHT100 and 400
Appendix 7: Immensee farm: a case study
Appendix 8: Heritage property: the old rules