Chris Thorpe outlines what excepted assets are and their significance for inheritance tax business property relief purposes.
An ‘excepted’ asset for inheritance tax (IHT) business property relief (BPR) purposes is defined within IHTA 1984, s 112 as follows:
‘(2) An asset is an excepted asset in relation to any relevant business property if it was neither—
(a) used wholly or mainly for the purposes of the business concerned throughout the whole or the last two years of the relevant period defined in subsection )
