Commentary

I8.371 Business assets

IHT, trusts and estates

I8.371 Business assets

Other assets

I8.371 Business assets

HMRC will need to know the gross amount of book debts, together with details of any deductions claimed. An inventory and valuation of stock in trade, live and dead farming stock, implements of husbandry etc is required. The value of growing crops will not be included in the valuation of agricultural land prepared by the Valuation Office Agency1. HMRC will look at the value of the business assets shown on the balance sheet to the business accounts to establish whether or not they reflect the open market value. If the business is sold as

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