HMRC court battle loss – What does it mean for BPR

HM Revenue & Customs recently lost a First Tier Tax Tribunal appeal over a business property relief case involving the estate of Maureen Vigne who, until her death in May 2012, ran a Buckinghamshire-based business that consisted of approximately 30 acres of land on which livery services were provided. Following her death, Maureen’s personal representatives claimed business property relief and agricultural property relief (APR), but, HMRC refused both claims on the basis that the company was mainly involved in letting land to horse owners. The assumption was that this made it a business which mainly consisted of holding investments. These… continue reading

September 6, 2017