The First-tier Tax Tribunal has upheld HM Revenue and Customs' decision to deny inheritance tax (IHT) business property relief (BPR) to a woman who had placed most of her furnished holiday letting business in a trust. Ann Curtis Green claimed that the transfers into trust qualified for BPR under the relevant business property provisions, but the tribunal ruled that the business was disqualified because it consisted mainly of making or holding investments.
INHERITANCE TAX: No BPR relief for lettings business placed in trust
The First-tier Tax Tribunal has upheld HM Revenue and Customs' decision to deny inheritance tax (IHT) business property relief (BPR) to a woman who had placed most of her furnished holiday letting business in a trust. Ann Curtis Green claimed that the transfers into trust qualified for BPR under the relevant business property provisions, but the tribunal ruled that the business was disqualified because it consisted mainly of making or holding investments
