Inheritance Tax: Agricultural Property Relief should look ahead not behind

Should Inheritance Tax distinguish between the deserving rich and the undeserving rich?  A smart farmhouse and a few hundred acres make an attractive investment and a comfortable home.  Excellent capital growth offers a comfortable shelter from Inheritance Tax, and annual revenue returns at 2 or 3% pa compare well with other investment opportunities.  Add capital … Continue reading Inheritance Tax: Agricultural Property Relief should look ahead not behind

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Atkinson case: Inheritance Tax Agricultural Property Appeal Report published

The Upper Tribunal (Tax and Chancery) has now published its report on the Atkinson case, mentioned briefly here at the end of last week.  The case hinged around the question of whether the late Mr Atkinson's bungalow had been 'occupied for the purposes of agriculture', as required by s117 of the Inheritance Tax Act in … Continue reading Atkinson case: Inheritance Tax Agricultural Property Appeal Report published

Latest on Atkinson IHT Farmhouse Case: HMRC appeal successful

News is emerging that HMRC''s appeal in the Atkinson case has been successful. The First Tier Tax Tribunal decided last year in favour of a claim for Agricultural Property Relief on a farm bungalow.  The property had been empty for some time - four years - because its occupier, a partner in the farming business, had gone … Continue reading Latest on Atkinson IHT Farmhouse Case: HMRC appeal successful