The value of an individual’s business for inheritance tax business property relief purposes on his death was subject to a deduction for a liability in respect of a lease on his business premises.
Summary
The value of an individual’s business for inheritance tax business property relief purposes on his death was subject to a deduction for a liability in respect of a lease on his business premises, by reference to IHTA 1984, s 110(b).
Background
The deceased (Mr C) died in February 2011, and the appellants were appointed as his executors. Prior to his death, Mr C carried on business as the proprietor of a fine art business, which operated from premises in London. He occupied the premises under a lease, which was granted for a 10-year term starting on 25 December 2005. The annual rent was £22,750, payable quarterly in advance. Mr C paid the rent
