Overview

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].

Full Product Details

Author:   Toby Harris ,  Chris Erwood
Publisher:   Bloomsbury Publishing PLC
Imprint:   Bloomsbury Professional
Edition:   6th Revised edition
Dimensions:   Width: 15.60cm , Height: 3.80cm , Length: 23.40cm
Weight:   1.016kg
ISBN:  

9781780435497

ISBN 10:   1780435495
Pages:   682
Publication Date:   31 July 2014
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   In stock  
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Table of Contents

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

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Author Information

Toby Harris runs his own tax consultancy, and is a solicitor, CTA and past Council member of STEP. Chris Erwood is a qualified associate of both the Chartered Institute of Taxation and STEP.

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