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Second helpings!

Shared from Tax Insider: Second helpings!
By Mark McLaughlin, July 2021

Mark McLaughlin looks at how inheritance tax business property relief may be ‘recycled’ in a family context. 

Business property relief (BPR) is an important inheritance tax (IHT) relief. It shelters the value of eligible business property from IHT at current rates of 100% or 50%. The most common categories are a business (or interest in a business) and unquoted company shares, which potentially attract BPR at 100%.  

Various conditions must be satisfied for BPR to be available (e.g. regarding the type of business activity, length of ownership of the business or business interest, etc.). The requirements for an eligible BPR claim are not addressed in this article.  

Spouses or civil partners 

In marriages (or civil partnerships), if (for example) one spouse dies leaving shares in the family trading company eligible for BPR

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