A livery business was held to be a business which was not wholly or mainly one of holding investments and was therefore eligible for business property relief.
Summary
A livery business was held to be a business which was not wholly or mainly one of holding investments (within IHTA 1984, s 105(3)) and was therefore eligible for inheritance tax (IHT) business property relief (BPR).
Background
At the time of the deceased’s death in May 2012, she was the sole owner of approximately 30 acres of land. Following her husband’s death in 2005, the deceased took over the running of what, at that time, was a DIY livery business. That business came to an end sometime in 2005, when the entire land was let out. In 2008, the tenant or licensee agreed to manage the livery business, which the deceased then decided
