Private Client blog
Opinions and insights from our Private Client team
Search site
Contact our offices
Make an enquiry
Private Client blog
Opinions and insights from our Private Client team
Private Client Blog
Opinions and insights from our Private Client team
As the dust settles following the Autumn Budget, in amongst the various documents released around the same time, HMRC published research on the use of Agricultural Property Relief (APR) and Business Property Relief (BPR), and taxpayers’ attitudes towards them. The report has generated a bit of interest with practitioners, but I think it’s also worth talking about more widely, since the research conducted was aimed at helping HMRC understand “what influences people to acquire certain assets, or what they do with the assets in their estate, and what beneficiaries do with the assets they inherit”.
In the past, there have been plenty of rumours about whether APR will always be available, particularly when it comes to relief for farmhouses. However, this report looks at both APR and BPR and seems to be concerned with the rationale for both.
Whilst the conclusions weren’t entirely surprising for those of us in the legal profession, the report did raise some interesting points which are worth noting.
It isn’t clear what HMRC will do with this information, and how it will help shape policy. Overall, I think the conclusions and summary seem positive for both forms of relief, and appear to support the idea that APR and BPR serve a useful purpose in helping taxpayers preserve their business for future generations, rather than simply to avoid paying IHT. Hopefully, then, this will help to prevent any further attacks on both forms of relief in the near future.
One theme present throughout the research was that clients don’t always fully understand IHT and, in particular, how to qualify for and make best use of the reliefs available. If you would like to have a chat about estate planning and IHT, Roythornes’ Private Client team is on hand to help. We have a wealth of experience in dealing with both APR and BPR and would be more than happy to advise you.
Clicking the Accept All button means you are accepting analytics and third-party cookies (check the full list). We use cookies to optimise site functionality and give you the best possible experience. To control which cookies are set, click Settings.
Our use of cookies.
You can learn more detailed information in our Privacy Policy
Some cookies are essential, whilst others help us improve your experience by providing insights into how the site is being used. The technology to maintain this privacy management relies on cookie identifiers. Removing or resetting your browser cookies will reset these preferences.
Essential Cookies
These cookies enable core website functionality, and can only be disabled by changing your browser preferences.
Google Analytics cookies help us to understand your experience of the website and do not store any personal data. Click here for a full list of Google Analytics cookies used on this site.
Third-Party cookies are set by our partners and help us to improve your experience of the website. Click here for a full list of third-party plugins used on this site.
Comments