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...
James Hardaker and Tom Collins look at lessons to be learned from Best v HMRC [2014] ‘The message coming out of the Best decision is that it is becoming increasing difficulty for property letting or similar businesses to avoid being categorised as wholly or mainly investment companies for the purposes of IHT.’ Business Property Relief …
Continue reading "BPR: When Best not to invest"
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