Butler & ors v Commissioners for HMRC [2024] WTLR 23
Wills & Trusts Law Reports | Spring 2024 #194The deceased died on 15 May 2015. At her death she was a member of Tufton Warren Farm LLP. The other member was the trustees of her late husband’s will trust in which she had a life interest, which was treated as part of her estate for IHT purposes under s49(1) Inheritance Tax Act 1984. The LLP owned and ran a wedding venue location. Business property relief was claimed. HMRC issued notices of determination which stated no part of the LLP’s assets was relevant business property for the purposes of s104 Inheritance Tax Act 1984. A statutory review of the determinations l...
Firth & anr v Commissioners for HMRC [2022] WTLR 1297
Wills & Trusts Law Reports | Winter 2022 #189The appeal was brought by Mr and Mrs Firth in their capacity as trustees of the L. Batley 1984 Settlement (the trust) against notices of determination issued to the trustees by HMRC on 7 September 2018, which refused Inheritance Tax (IHT) Business Property Relief (BPR) on the grounds that the interest of the trustees in the business carried on by the Lawrance (Hotel Living) Ltd (The Lawrance) consisted mainly in the holding of investments and was therefore not a qualifying business for the purposes of BPR.
On 14 November 1984 Lawrance Batley established the trust. Prior to 2012 th...