The following Trusts and Inheritance Tax guidance note by Tolley in association with Peter Rayney of Peter Rayney Tax Consulting Ltd provides comprehensive and up to date tax information covering:
Business property relief (BPR) is likely to be one of several factors considered when deciding whether to acquire or hold the trading premises personally or through the owner-manager’s company.
For further information on ownership issues for the owner-manager, see the Personal or company ownership guidance note in the OMB module (subscription sensitive).
The following points need to be considered from a BPR perspective.
Personally owned land and buildings used wholly or mainly for the purposes of a company’s business will qualify for 50% BPR, provided, the owner-manager controls the relevant company.
The 50% BPR is given irrespective of whether the owner-manager charges a market rent for the use of the property.
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