Next Steps in Reforming IHT Periodic Charges for Relevent Property Trusts

Following a consultation this summer, draft legislation for inclusion in Finance Bill 2014 on the treatment of accumulated income and the alignment of payment and filing dates for trusts was published on 10 December 2013 for technical consultation. The Government has indicated it would welcome comments. If necessary they will review and amend that legislation…

Executors Lose BPR Appeal on Furnished Holiday Lets

The Court of Appeal has rejected, for the final time, the executors of Nicolette Pawson application for leave to appeal the Upper Tribunal‘s decision in HMRC v Pawson (deceased) [2013] UKUT 050 (TCC) that a let holiday cottage was held mainly as an investment and so did not qualify for business property relief (BPR) for…

‘Squaring the Triangle’: Simplifying IHT charges on relevant property trusts

HMRC’s consultation on reforming the periodic and exit charges on relevant property trusts, ended in mid-August. The reaction among professionals appears to have been somewhat chilly. HMRC’s stated aim is to triangulate a solution that simplifies the compliance burden while being revenue neutral on the Exchequer and that complies with the overarching policy of ‘fairness’;…