IHTM25000 - Business relief and businesses: Contents

Introduction

Investigating business relief and businesses

Investigation in 100% relief cases

Valuing businesses and partnerships

Business relief

Introduction

IHTM25001

Introduction

Investigating business relief and businesses

IHTM25011	Introduction
IHTM25012	Reviewing form IHT413 or D38

Investigation in 100% relief cases

IHTM25021	Introduction
IHTM25022	Business interests – chart for relief on death
IHTM25023	Business interests – chart for relief on potentially exempt transfers
IHTM25024	Business interests– chart for relief on chargeable lifetime transfers

Valuing businesses and partnerships

IHTM25051	What is a business?
IHTM25052	Business accounts
IHTM25060	Business terms

Valuing the business

IHTM25081	Investigating the profit and loss account
IHTM25082	Investigating the balance sheet

What is a partnership?

IHTM25091	Introduction
IHTM25092	Investigating partnership deeds
IHTM25093	Cases where there are no deeds
IHTM25094	Limited liability partnerships

Valuing the partnership interest

IHTM25101	Introduction
IHTM25102	Partnership share
IHTM25103	The balance sheet
IHTM25104	Freehold and leasehold property
IHTM25105	Agricultural land tenanted by a partnership
IHTM25106	Agricultural land owned by deceased and occupied by a partnership
IHTM25107	Milk quotas
IHTM25108	Goodwill
IHTM25109	Livestock
IHTM25110	Other assets
IHTM25111	Sales
IHTM25112	Income Tax
IHTM25113	Adjusting the deceased’s capital account

Valuing businesses and partnerships

IHTM25120	Fetters
IHTM25121	Relationship between business and agricultural relief
IHTM25122	Instalments
IHTM25123	Partnerships and lifetime transfers

Business relief

IHTM25131

Outline of business relief

Relevant Business Property

IHTM25141

Investigating Relevant Business Property

Relevant Business Property: Business interests

IHTM25151	Rate of relief
IHTM25152	Property consisting of a business or a business interest
IHTM25153	Meaning of “business”
IHTM25154	Settled property

Shareholdings: Unquoted securities - control holding

IHTM25171	Securities within s.105(1)(b)
IHTM25172	When is the transferor required to have control?

Shareholdings: Other holdings of unquoted shares

IHTM25191	Rate of relief
IHTM25192	Meaning of unquoted for business relief purposes

Shareholdings: Control holdings of quoted shares or securities

IHTM25201	Rate of relief
IHTM25202	Transfers and shares within s.105(1)(cc)

Relevant Business Property: Land and buildings, machinery and plant

IHTM25221	Rate of relief
IHTM25222	Property within s.105(1)(d)
IHTM25223	Additional user requirement
IHTM25224	Transferor’s interest in the occupying company or partnership
IHTM25225	Property used by a partnership
IHTM25226	Settled property
IHTM25227	Machinery or plant

Relevant Business Property: Settled property used in the life tenant's business

IHTM25241	Rate of relief
IHTM25242	Property within s.105(1)(e)
IHTM25243	Scope of s.105(1)(e) in practice

Relevant Business Property

IHTM25250	Partnership interests
IHTM25251	Woodlands syndicates

Investment businesses

IHTM25261	Introduction
IHTM25262	Exceptions
IHTM25263	Wholly or mainly
IHTM25264	Dealing in land or buildings

Investment businesses: Caravan sites and furnished lettings

IHTM25271	General
IHTM25272	Property consisting of a business
IHTM25273	Meaning of “investment”
IHTM25274	Land as a business asset
IHTM25275	Lettings of commercial premises
IHTM25276	Furnished lettings
IHTM25277	Hotels, Bed and Breakfast and Residential Homes
IHTM25278	Holiday lettings
IHTM25279	Caravan sites
IHTM25280	Other lettings

Contracts for sale

IHTM25291	Introduction
IHTM25292	Shareholdings and partnership interests

The ownership test

IHTM25301	Introduction
IHTM25302	Meaning of ownership
IHTM25303	Changes in the nature of the business

Replacement property

IHTM25311	Introduction
IHTM25312	Chart
IHTM25313	Limitation of relief
IHTM25314	Minority holdings of unquoted shares

Successions

IHTM25321	Introduction
IHTM25322	Chart

Successive transfers

IHTM25331	Introduction
IHTM25332	Chart
IHTM25333	Limitation of relief

Assets excluded from relief

IHTM25341	Introduction
IHTM25342	Assets not used in the business

Assets excluded from relief: Excepted assets

IHTM25351	Introduction
IHTM25352	Future use
IHTM25353	Assets used for personal benefit
IHTM25354	Part business use of land or buildings

Lifetime transfers - additional conditions

IHTM25361	Introduction
IHTM25362	The additional conditions – chart
IHTM25363	The two conditions
IHTM25364	Continuing ownership
IHTM25365	Remaining business property
IHTM25366	Transfers of shares and securities
IHTM25367	The transferee
IHTM25368	Failure to satisfy the conditions
IHTM25369	Replacement property (other than shares or securities)
IHTM25370	Replacement property (shares or securities)

Gifts with reservation

IHTM25381	Introduction
IHTM25382	Notional transfer
IHTM25383	Rate of relief
IHTM25384	Replacement property