Certainty on inheritance tax relief
HM Revenue & Customs has been providing business owners with its view of the availability of inheritance tax business property relief, where there was a significant commercial issue or transaction of the business itself, for a 6 month trial period from 1 May 2008.
HMRC recently announced that the inheritance tax business property relief clearance service for business owners will continue, and will also include an extension to the scope of the service.
Under the extension, HMRC will also provide its view of the tax consequences of a transfer of value that involves a change of ownership of a business where this transfer, leaving aside the application of business property relief, would result in an immediate inheritance tax charge, and provided that the other existing conditions are met. Clearances in these change of ownership cases will remain valid for a limited period of 6 months.
Individuals who had previously had their application rejected because it fell outside the scope of the trial service, but would be included under the extended service, may request a review of the original application.
Date: 20th February, 2009
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