Ken Moody gives an overview of keeping the value of a business IHT-free and briefly outlines the business reliefs and how relief may be lost or, perhaps, preserved.
The inheritance tax (IHT) business reliefs are, of course, business property relief (BPR) and agricultural property relief (APR). In circumstances where both may apply, APR takes priority. BPR is the more generic relief, so is of wider relevance and is mainly what I focus on in this article.
'Relevant business property’
BPR applies to ‘relevant business property’ which, for the purposes of this article (see IHTA 1984, s 105 for the wider definition), includes:
- a business or an interest in a business;
- shares in an unquoted company; or
-
any land or building, machinery or plant used wholly or mainly by a company of which the
