A wild fishery business carried on by an individual at the date of her death was mainly a business of holding investments, and therefore was not eligible for inheritance tax business property relief. 

Summary 

A wild fishery business carried on by an individual at the date of her death was mainly a business of holding investments, and therefore was not eligible for inheritance tax (IHT) business property relief (BPR). 

Background 

The deceased (LBP) died on 18 August 2020. She had carried on a sole trader fishery business. The fishery business was based at a mill (FM). Part of FM was owned by LBP personally, and part was owned by a will trust of her late husband. An IHT account (IHT400) was submitted on behalf of LBP’s executors on 30 March 2021 and an IHT account (IHT100) was submitted by the trustee in relation to the termination of LBP’s life interest in her&