Continue reading "Business Property Relief: Going for gold"
Graham (Deceased) v HMRC [2018] WTLR 911
Wills & Trusts Law Reports | Autumn 2018 #173The deceased owned a property, Carnwethers, on the Isles of Scilly, from which she ran self-catering holiday accommodation business, as well as occasional bed-and-breakfast accommodation. There were four self-catering apartments which were well-furnished and provided with numerous additional amenities, and particularly assiduous concierge assistance from the owners. On her death HMRC issued a notice of determination refusing business property relief on any of the value of Carnwethers on the basis that the business consisted mainly of the holding of an investment.
The deceased’s pe...
Vigne v HMRC [2017] WTLR 1193
Wills & Trusts Law Reports | Autumn 2017 #169The deceased died on 29 May 2012. At the time she was the sole beneficial owner of 30 acres of land (the land) used for carrying out a livery business. The business provided less than ‘part livery’ (ie day-to-day care being shared between the livery operator and horse owner) but more than ‘DIY Livery’ (ie a right to reside in a field plus a stable). For example the business provided worming products for the horses and hay feed during winter months.
The deceased’s personal representatives claimed BPR on the ground that the land was ‘relevant busi...
Business Property Relief: Room for interpretation?
Continue reading "Business Property Relief: Room for interpretation?"
Curtis Green v HMRC [2015] UKFTT 0236 (TC)
Wills & Trusts Law Reports | October 2015 # 153Mrs Green ran a business known as Flagstaff Holidays (the business) which let five units of self-contained holiday accommodation in a property known as Flagstaff House, Burnham Overy Staithe, King’s Lynn, Norfolk (the property). Mrs Green had bought the property for £900,000 in 2003. Between 2009-2012, the property was let for a total of around 650 to 750 nights a year. At all relevant times, Mrs Green lived in Woodbridge, Suffolk. On 2 February 2010, the property was valued by a firm of estate agents at £1.9m on a vacant possession basis.
On 5 April 2010, Mrs Green settled ...
The Trustees of David Zetland Settlement v HMRCC [2013] UKFTT 284
Wills & Trusts Law Reports | July/August 2013 #131The appellant trustees appealed from a notice of determination dated 16 February 2010 whereby HMRC refused inheritance tax business property relief on the basis that immediately before the ten-year anniversary on 22 September 2007, none of the property comprised in the settlement was relevant business property for the purposes of s104 of the Inheritance Tax Act 1984 (IHTA). HMRC contended that the business was excluded under s105(3) IHTA in that it consisted ‘mainly of… making or holding investments’.
The principal asset of the settleme...
Business Property Relief: Scrutiny of services
Continue reading "Business Property Relief: Scrutiny of services"
Business Property Relief: Scrutiny of services
Continue reading "Business Property Relief: Scrutiny of services"