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  • Tax Memo - Inheritance tax - General principles - Valuation - Specific rules - Land and buildings - 55635
    The valuation of land and buildings is generally the subject of negotiation between the taxpayer and HMRC, which uses a team of valuation officers who may be called upon to arrive at a value. The taxpayer will often employ the services of a professional valuer. If agreement cannot be reached, an appeal may be made to the Upper Tribunal (Lands Chamber) and from there through the courts. The value of a half share of land held by tenants in common is discounted to take account of the fact that the demand for land...
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  • Tax Memo - Inheritance tax - National heritage property - Requirements - Qualifying property - 58055
    The Board of HMRC together with the Treasury will take a view as to whether property is important for the national heritage, but property which falls within the definitions outlined below is likely to qualify: - Any pictures, prints, books, manuscripts, works of art, scientific objects or other non-income yielding things (or any collection or group of relevant objects taken as a whole), which appear to be pre-eminent for their national, scientific, historic, or artistic interest. In determining whether property...
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  • Tax Memo - Inheritance tax - Reliefs - Business property relief - Eligible property - 59085
    Relief is available at two different rates, depending on the type of property: Type of asset Amount of relief Unincorporated businesses and partnership interests1, 2, 8 100% Shares in any unquoted company5, 6, 8 100% Securities of an unquoted company controlled by the transferor3, 4, 5, 6, 8 100% Shares or securities of a quoted company controlled by the transferor4, 5, 6, 8 50% Land, buildings, machinery or plant owned by the transferor, and used immediately prior to the transfer by a company controlled by...
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  • Tax Memo - Inheritance tax - Reliefs - Agricultural property relief - Eligible property - 59325
    Agricultural property is broadly defined as agricultural land or pasture but also includes: - woodlands and any building used in connection with the intensive rearing of livestock or fish (provided that the occupation is ancillary to that of the land or pasture); - cottages, farm buildings, and farmhouses of a character appropriate to the property; - land and buildings used for short rotation coppice; - land and buildings taken out of farming for management under a Government Habitat Scheme; - breeding, rearing,...
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  • Tax Memo - Inheritance tax - Reliefs - Reliefs for falls in value - Relief for falls in value on post-death sales - Land and buildings - Scope - 59830
    Relief is available where an interest in land which was included in the estate of the deceased is sold within 3 years from the date of death for less than the amount at which it was valued in the estate, provided that the sale is not made to: - any person who since the date of death was beneficially entitled to the property, or to an interest in possession in it; - the spouse, child or remoter descendant of such a person; or - trustees of a settlement in which such a person (or that person's spouse, child or...
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  • Tax Memo - Inheritance tax - Administration - Payment of inheritance tax - Mechanisms of payment - Instalment payments - Eligible property - 63365
    IHT on the following types of property will be eligible for the instalment option: Type of property Restrictions Land and buildings None Business or business interest - net value of business assets Including a trade, profession or vocation, but excluding a business carried on otherwise than for gain Shares and securities Controlling holding of transferor immediately before death The transferor has sufficient voting power to control all matters which affect the company. For these purposes, shares held as related...
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