Are there any other conditions needed to get 100% or 50% business property relief (BPR) for inheritance tax purposes besides the two-year holding rule?
Arthur Weller replies:
The BPR conditions are potentially difficult. These include: (a) It must be a trading business and not an investment business; and (b) Property does not qualify for relief if it is subject to a binding contract for sale. Of course, there are various other detailed rules that apply; see HMRC’s Inheritance Tax Manual at IHTM25000 and following.