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Extension of business property relief: draft regulations

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HMRC has published draft regulations to extend the scope of business property relief from inheritance tax. The European Commission has challenged the existing requirement that a company acting as a market maker or discount house must carry out its business in the UK if its shares are to qualify for BPR, HMRC said.

The regulations would ‘open up the existing tax treatment to businesses within [European Economic Area (“EEA”) member states], with the safeguard that they comply with the rules of a regulated market’. The amendment to IHTA 1984 s 105 would take effect from 31 December 2012.

Categories: News , IHT , Private client taxes