IHT: Deductions for liabilities – Changes to the IHT rules will limit the scope for IHT relief

IHT: Deductions for liabilities – Changes to the IHT rules will limit the scope for IHT relief

Inheritance tax (IHT) anti-avoidance measures were announced at Budget 2013 without prior consultation and introduced in Finance Act 2013, affecting IHT deductions for liabilities. The background to the changes is that IHT is normally charged on the net value of a deceased person’s estate, after deducting liabilities outstanding at the date of death, and also. Read more

Property rentals: Is it a 'business'?

Property rentals: Is it a 'business'?

What is a ‘business’? The answer should be straightforward in theory, but in practice it has been a grey area for tax purposes. Establishing the existence of a business can be important for a number of tax reasons.For example, a business is a prerequisite of incorporation relief (or ‘rollover relief on transfer of business’, to. Read more

BPro Tax

Tax Online

Online access to Bloomsbury Professional books, looseleafs and journals, across numerous practice areas. Free Trial