Business Property Relief (BPR) is available to reduce the liability to Inheritance Tax (IHT) on the transfer of relevant business assets.
A trust holds shares long term in a property investment company via a 100% interest in holdco. Clearly no BPR at present.
In 1997 our client settled a part interest in undeveloped commercial land. He and his wife retained a 60% interest in the land.
The new government should be pondering this question as forms its policies, according the CIOT and the Institute for Fiscal Studies (IFS).
A judge has ordered Romie Tager QC to pay a penalty of more than £1.2m for failing to comply with requests for information about the inheritance tax on his father's estate.
With just one week until the Chancellor delivers his 2015 Budget, the political heat has been turned up with a former chancellor calling for an overhaul of the non-dom tax system.
I have a client who runs a financial services firm and employs his son. He has always traded as a sole trader and has purchased the lease on the offices that the business operates from.
I am puzzling over HMRC guidance on taper relief. Suppose someone makes a lifetime gift of £100,000, then dies six years later, leaving assets of £1M.