New ruling threatens business relief
Phillips, Steven
New ruling threatens business relief - 2008 - Farmland Market (70) Winter 2008, 14-15(2) .
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.
INHERITANCE TAX ACT 1984 S105
United Kingdom--
New ruling threatens business relief - 2008 - Farmland Market (70) Winter 2008, 14-15(2) .
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.
INHERITANCE TAX ACT 1984 S105
United Kingdom--