Commentary

I12.509 Personally owned assets used in the business

IHT, trusts and estates

I12.509 Personally owned assets used in the business

I12.509 Personally owned assets used in the business

It should be remembered that, despite the other improvements to business property relief from 6 April 1996, the rate of relief where the asset in question comprises land or buildings, plant or machinery owned by a partner personally but used in the partnership business (similarly where the asset is owned by a controlling shareholder and used by his company) remains at 50%1.

Consideration might therefore be given to transferring the asset in question in to the business entity itself to enable the asset to attract relief at 100% as opposed to 50%. Care

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