Commentary

I12.1143 Other aspects of non-exempt specific gifts of business or agricultural property

IHT, trusts and estates

I12.1143 Other aspects of non-exempt specific gifts of business or agricultural property

I12.1143 Other aspects of non-exempt specific gifts of business or agricultural property

As described in I12.1141, I12.1142, where there is an exempt gift of residue, the maximum use is made of business or agricultural relief by making a specific gift or gifts of the property qualifying for the relief(s) to non-exempt beneficiaries. Where a non-exempt specific gift of business or agricultural property is made in this way, there may be a possibility that the taxable value of the specifically given property will exceed the available amount of nil-rate band, eg because the nil-rate available on death comes to be diminished by lifetime gifts, or because the business or agricultural property does not turn out to be entitled to as much relief or at as high a rate as expected. Possible ways of dealing with this or minimising its consequences are:

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial