UUÂãÁÄÖ±²¥

BPR ― relevant business property


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

BPR ― relevant business property


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 meaning of relevant business property for BPR purposes and details the six specific categories of relevant business property in detail and the rates that apply to each. It also considers the meaning of business for BPR purposes.

When BPR is available

BPR is available on a transfer of relevant business property. The rate will be 50% or 100% and will depend on which of six categories the relevant business property falls into. BPR applies to transfers by trustees as well as individuals. It can apply on exit charges and 10-year charges. There is no territorial restriction on BPR generally.

Definition of business

For the purposes of BPR a business includes a profession or vocation and must be carried on for gain.

Therefore ‘business’ for BPR purposes is a much wider concept than ‘trade’. It may be easier for a company than a non-corporate entity to demonstrate that it is carrying on a trade as any gainful use to which a company puts its assets amounts to

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
  • 31 Oct 2024 16:40

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

Popular Articles

Owner-Managed Businesses

Allowable expenses for property businesses

Allowable expenses for property businessesGeneral itemsMany of the principles applying to allowable expenses for property businesses are similar to those that apply for trading and the rules for individuals in a property business are generally the same as for companies with some exceptions which are

14 Jul 2020 13:26 | Produced by Tolley in association with Rob Durrant-Walker of Crane Dale Tax Read more Read more
tag-icon Tax Returns
Personal Tax

Inter-spouse transfer

Inter-spouse transferIntroductionWhen a chargeable asset is transferred between two spouses or civil partners, there is a disposal by the transferor spouse / civil partner and an acquisition by the transferee spouse / civil partner for capital gains tax purposes. For simplicity, spouses and civil

14 Jul 2020 12:01 | Produced by Tolley Read more Read more
Owner-Managed Businesses

Class 4 national insurance contributions

Class 4 national insurance contributionsWhat is Class 4 NIC?Class 2 and Class 4 national insurance contributions (NIC) are paid by self-employed individuals and partners in a partnership on their profits arising within the UK. This guidance note considers Class 4 contributions. For Class 2

14 Jul 2020 11:13 | Produced by Tolley Read more Read more