UUÂãÁÄÖ±²¥

BPR ― minimum period of ownership


Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
tag-icon Autumn Budget 2024

BPR ― minimum period of ownership


Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
tag-icon Autumn Budget 2024
imgtext

This guidance note considers the minimum period of ownership for which an asset must be held to qualify for BPR.

BPR ― minimum period of ownership ― overview

For property to qualify as relevant business property and therefore qualify for BPR, it must have been owned for two years immediately preceding the transfer. However, this rule is modified in three cases. Where other relevant business property has replaced the original property then relief may be available if further conditions are met. Where relevant business property was acquired on death from a spouse then the spouse’s ownership period can be aggregated when measuring the two-year period. Finally, where there are successive transfers in less than a two-year period where one is triggered by a death then relief may be available even though the relevant business property has not been held for two years by the transferee.

Minimum period of ownership ― two years

The basic holding period for business property to qualify as relevant business property and obtain BPR is two years

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL
Powered by
  • 01 Nov 2024 07:11

Home/ Tolley Tax Guidance/ Trusts and Inheritance Tax / Advising on BPR and APR

Popular Articles

Personal Tax

Taxation of dividend income

Taxation of dividend incomeIntroductionA dividend is a distribution of profit by a company to its shareholders.A dividend is not only a payment in cash. It can be the issue of new shares in exchange for forfeiting the right to a cash payment (a stock dividend). For more detail, see the Cash

14 Jul 2020 13:48 | Produced by Tolley Read more Read more
tag-icon Tax Returns
Personal Tax

VAT on property disposals

VAT on property disposalsThis guidance note provides an overview of the VAT treatment of selling property that is located in the UK. The UK includes Great Britain, Northern Ireland and the territorial sea of the UK. The sale of any land or building located outside the UK is outside the scope of UK

14 Jul 2020 13:57 | Produced by Tolley Read more Read more
Personal Tax

Self assessment ― amendments and corrections

Self assessment ― amendments and correctionsOnce a self assessment tax return has been filed, both HMRC and the taxpayer (or the agent) has the right to make changes to the return. There are different time limits depending on whether it is a correction by HMRC or an amendment made by the

14 Jul 2020 13:37 | Produced by Tolley Read more Read more