Q&As

How is Business Property Relief (BPR) formally claimed and is there a deadline for claiming BPR on death?

read titleRead full title
Copyright © 2025 LexisNexis
Published by a LexisNexis Private Client expert
Published on: 03 April 2017
imgtext

In order to claim Business Property Relief (BPR), the personal representatives of the deceased will need to complete form IHT413 (Business and partnership interests and assets) for each business asset for which BPR is to be claimed—see

Powered by Lexis+®
Jurisdiction(s):
United Kingdom

Popular documents

Late payment penalties—inheritance tax

Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on overdue tax, see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid

Where a property is owned jointly by an individual and their adult children, with none of them in

Where a property is owned jointly by an individual and their adult children, with none of them in occupation, is there a joint ownership discount applicable to reduce the CGT that may otherwise arise on a deemed disposal by the parent on gifting their share to their children?A discount of 10-15% is

Pro forma CGT calculation for an individual

Pro forma CGT calculation for an individualCalculation for an individual (or trust or estate)Sale proceedsxxxxxxLess: Costs of salexxxxxOriginal cost of assetxxxxxCost of improvementsxxxxxTotal costsxxxxxx_______Gain: before loss reliefxxxxxxLess: Losses brought forward (if any)/Current Year

Grossing up and partly exempt estates

Grossing up and partly exempt estatesThe transfer of value on death is one transfer affecting the whole estate. Where there are no contrary provisions in the deceased’s Will, the general principle is that the inheritance tax (IHT) due on all UK free (not settled) property which vests in the personal