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Agricultural, Business and Heritage Property Relief

Author: Chris Erwood CTA, ATT, TEP

Publication Date: October 2021

Publisher: Bloomsbury Professional

Law As Stated At: September 2021

Agricultural, Business and Heritage Property Relief

Agricultural, Business and Heritage Property Relief

Agricultural, Business and Heritage Property Relief, 9th Edition is an expert and detailed guide to the rules of inheritance tax relief for business, farm, woodland and heritage property. This book considers the approach to the typical situations that are likely to be encountered in practice and provides clear guidance on how to harness the relief, its preservation, compliance aspects and practical tips. Most importantly it contains numerous examples of the many pitfalls and bear traps that abound in this complex area of tax law.

It covers topics and questions such as:

  • What constitutes agricultural property?
  • The farmhouse v the grand home
  • What is treated as business property?
  • The FHL issue
  • How woodlands relief operates and when it should be considered
  • Property that attract and the practical benefits of heritage relief
  • How the reliefs interact
  • How the reliefs may be lost
  • Planning points
  • Specific specialist areas, ie heritage maintenance funds.

It examines both legislation and case law in detail whilst cross referencing to HMRC published guidance and pertinent HMRC manuals. It provides in excess of 100 detailed worked examples which illustrate and explain how the principles of the reliefs are applied in day to day practice.

This is a very fluid area which has assumed increasingly significant importance for estates succession in the context of IHT planning. As a consequence understanding the availability, access to and operation of these headline reliefs is critical. It is considered that this is the most comprehensive and detailed work entirely focused on all four reliefs on business, agricultural property tax and heritage property relief available in the market and for those practicing in this area, it has long since been seen as the 'reference bible'.

New to the 9thedition:

  • Updated commentary on new HMRC guidance on heritage tax reliefs following Finance Act 2021(17.16);
  • More detail on investment versus non-investment (Chapter 9);
  • Commentary on group structures (5.13);
  • Updated commentary on business property relief on furnished holiday lettings (9.14);
  • Updated and new worked examples throughout
  • New case law, ie Charnley and Another v HMRC;[2019] UKFTT 0650 (TC), Cox, Executors of the late v Revenue and Customs[2020] UKFTT 442 (TC) (9.14).