Taxing Matters - Peter Vaines Ponders on the Intelligent Businessman

    June 2013
    The Upper Tribunal has found in favour of HMRC in the case of Mrs N Pawson Deceased v HMRC FTC/36/2012 regarding a claim for business property relief on assets used for a holiday letting business. The First Tier Tribunal had regarded the activity as a business qualifying for inheritance tax business property relief, but the Upper Tribunal has concluded that the property was an investment and not eligible for the relief.