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Agricultural, Business and Heritage Property Relief

Author: Chris Erwood CTA, ATT, TEP

Publication Date: 2020

Publisher: Bloomsbury Professional

Law As Stated At: 11 March 2020

Agricultural, Business and Heritage Property Relief

Agricultural, Business and Heritage Property Relief

Agricultural, Business and Heritage Property Relief, 8th Edition (previous edition titled: Business and Agricultural Property Relief) is an expert guide to the rules of inheritance tax relief for business, farm, woodland and heritage property. 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.

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 is a very fluid area and is assuming increasingly significant importance for estates succession and IHT planning.

This is the most eminent work on business and agricultural property tax relief in the market and is seen as a 'reference bible' and 'go to' book by IHT practitioners.

New to the seventh edition:

Updated commentary on new HMRC guidance on heritage tax reliefs following Finance Act 2016;

More detail on investment versus non-investment;

Additions to the unquoted shares list;

Green v HMRC [2015] UKFTT 334 regarding business property relief on furnished holiday lettings;

Updated of worked examples throughout.

Date of last update: June 2020

Date of next update: TBC-Reviewed annually