An expert guide to the rules of inheritance tax relief for business, farm, woodland and heritage property, and the only book on the market to cover all these reliefs in the same volume.
Significant changes to Agricultural Property Relief (APR) and Business Property Relief (BPR) were announced in the 2024 Autumn Budget. This new edition covers all of the changes which include:
- The 100% relief which is currently available on all qualifying assets without any limit on value will be available only on the first £1m of assets (in total) with a rate of 50% for assets above this limit.
- This will apply to transfers on death and in the seven years before death and will not be transferable to the spouse.
- BPR on shares which are quoted on a recognised stock exchange but treated as unquoted (such as AIM) will be 50% from this date and will not be able to benefit from 100% relief.
- Numerous important tax cases in this area will also be covered.
The book discusses everyday situations that are likely to be encountered in practice and provides guidance on compliance, along with tips for making tax savings for clients. It also contains numerous examples of pitfalls to avoid in this complex area of tax law.
Chapter 1: Introduction
Chapter 2: Agricultural property: qualifying property
Chapter 3: Agricultural property: agricultural value, the rates of relief, occupation and other aspects
Chapter 4: Agricultural property: areas of particular concern
Chapter 5: Business property: property qualifying for the relief
Chapter 6: Business property: the rates of relief, limitations to the relief
Chapter 7: Relevant business property: exceptions to the relief: excepted assets
Chapter 8: Relevant business property: aspects of valuation and the treatment of liabilities
Chapter 9: Relevant business property: exceptions to the relief: ‘wholly or mainly holding investments’
Chapter 10: Clawback
Chapter 11: Woodlands
Chapter 12: Overlap of APR and BPR
Chapter 13: Tax shelters
Chapter 14: General planning points
Chapter 15: Will planning
Chapter 16: APR and BPR: the new regime
Chapter 17: Heritage property: what qualifies, undertakings and access
Chapter 18: Heritage property: application for exemption and variation of undertakings
Chapter 19: Heritage property: loss of the exemption
Chapter 20: Heritage property: the regime for relevant property trusts
Chapter 21: Maintenance funds
Chapter 22: Compliance
Chapter 23: Payment of IHT
Appendices
Appendix 1: Statutory Instruments
Appendix 2: Extra Statutory Concessions
Appendix 3: HMRC Revenue Statements
Appendix 4: HMRC and other press releases
Appendix 5: Heritage property: the old rules
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