iHT on Rental - Residential or Commercial

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    iHT on Rental - Residential or Commercial

    Hopefully a quick one. I recently had a relative pass away, who owned three rental properties (no mortgages). Both were owned personally:

    One is a small shop, with no residential occupation.

    The second is a simple family residential letting.

    The other is a student HMO, which was retained to pay for any future care fees (which were sadly not needed for very long).

    My question is whether Business Asset Exemptions from iHT would apply?

    (Clearly I need to take some specialist advice from our family solicitor and accountant when we do the estate, but a steer would be welcome.)

    Cheers

    ML
    Refer Mad Regulators to Arkell vs Pressdram.

    #2
    I wonder if any below applies to your situation ? :

    https://www.rossmartin.co.uk/private...rty-relief-iht

    Comment


      #3
      No relief, ownership of such property does not entitle OP to Business Relief

      Comment


        #4
        Business relief only applies to a trading business, not an investment business.
        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

        Comment


          #5
          If there are no other UK assets, try to get the valuations to add up to the IHT allowance. Then that figure will be the base cost for CGT when you come to sell.

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            #6
            Thanks guys.

            Appreciated.
            Refer Mad Regulators to Arkell vs Pressdram.

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