The following Trusts and Inheritance Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This guidance note looks at the specific gifts with reservation rules regarding:
agricultural and business property
substitutions and accretions
These additional rules are to be found in FA 1986, Sch 20.
It also considers the gift with reservation (GWR) consequences when a person redirects property he has inherited under an instrument of variation.
Special rules apply where a donor reserves a benefit in a gift which qualifies for BPR or APR. The availability of those reliefs depends on:
the character of the property given
the nature and extent of the ownership
the duration of ownership and occupation
All the relevant conditions are set out in the Agricultural property relief (APR) and BPR overview guidance notes.
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