Does your livery business qualify for business property relief?

16 November 2018

The Upper Tax Tribunal has recently upheld a First Tier Tribunal decision that a livery business in Buckinghamshire run by the late Mrs Maureen Vigne did not consist "wholly or mainly of making or holding investments" and that accordingly, inheritance tax business property relief was available.  This case provides reassuring confirmation that in respect of businesses involving the exploitation of land for profit, there is not a presumption that the business is wholly or mainly an investment business. 

The nature and extent of the additional services which a livery business will need to provide (in addition to grazing) to have the necessary business component to bring it within the scope of the relief are highly subjective.

We aim to give our clients a proper understanding about business property relief in respect of livery and other businesses in which the land is the primary asset.  For experienced advice about the availability of the relief as well as the most appropriate business structures and other practical matters please contact Jonathan Stephens, Torsten White or Belinda Watson.

Upper Tribunal Tax

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