Business and Agricultural Property Relief, 5th edition

Business and Agricultural Property Relief, Fifth 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

  This fifth edition has been comprehensively revised to take account of recent legislation and cases including:

• Finance Act 2006 – particularly its impact on inheritance tax
• Finance Act 2008 – particularly the impact of the transferable nil rate band on will planning for business and agricultural properties
• Finance Act 2009 – particularly the relaxation of territorial restrictions on agricultural and woodland properties
• Swain Mason v Mills & Reeve
• Vinton v Fladgate Fielder
• Trustees of Nelson Dance v HMRC
• McCall v HMRC
• Earl of Balfour v HMRC
• Atkinson v HMRC

  Business and Agricultural Property Relief, Fifth Edition is an essential reference book for accountants and solicitors working in small- to medium-sized firms, as well as financial advisers and wealth managers. High net worth individuals, will writers and barristers in non-contentious practice will also find this a useful resource. This is an ideal companion to Bloomsbury Professional’s tax annual Capital Gains Tax Roll-over, Hold-over and Deferral Reliefs.