IHT debt relief reprieve
The Government has partially reversed its unexpected attack on debt relief on inheritance tax introduced in the Finance Act in April this year. The proposals would have seen existing and new debts being set against assets that already qualify for relief against inheritance tax, such as farmland, with the result being that no relief would […]
Farmhouses provide no warm welcome for HMRC
The Upper Tax Tribunal delivered its long-awaited decision on 21 May deciding that agricultural property relief (APR) from inheritance tax on farmhouses is allowable where the farmhouse and farmland is not in common ownership but is in common occupation. Thames Valley and South Coast accountants James Cowper says this is an important decision in favour […]
