New ruling threatens business relief
Language: English Series: Farmland Market ; (70) Winter 2008, 14-15(2) Publication details: 2008Subject(s): Summary: Summarises the case of Philip Norman McCall (2) Bernard Joseph Anthony Keenan (as personal representatives of Eileen McClean, deceased) v HMRC Revenue and Customs Commissioners, [2008] STC (SCD) 752, 7 April 2008. The Commissioners found that although the tending and letting of fields to graziers constituted a business, it was one which consisted wholly or mainly of the holding of an investment and so the land was not a relevant business property for the purposes of the Inheritance Tax Act 1984 S105. The case shows that letting land on popular grazing agreements could jeopardise tax relief.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Journal article | London Journal article | L146265 (Browse shelf(Opens below)) | 1 | Available | 146265-2001 |
Summarises the case of Philip Norman McCall (2) Bernard Joseph Anthony Keenan (as personal representatives of Eileen McClean, deceased) v HMRC Revenue and Customs Commissioners, [2008] STC (SCD) 752, 7 April 2008. The Commissioners found that although the tending and letting of fields to graziers constituted a business, it was one which consisted wholly or mainly of the holding of an investment and so the land was not a relevant business property for the purposes of the Inheritance Tax Act 1984 S105. The case shows that letting land on popular grazing agreements could jeopardise tax relief.