IHT Business Property Relief

Hard on the heels of Ross v HMRC, in which the taxpayers were refused Business Property Relief, there has been another case before the First-Tier Tribunal, with a more satisfactory outcome for taxpayers. This latest Business Property Relief case concerned a business which, like the furnished Holiday Lettings in Ross, depended on the use of land, and the question, as in Ross, was whether the business consisted wholly or mainly of making or holding investments. However, in contrast to Ross, where the “customers” provided with “services” were human beings, the immediate recipients of the services provided by the deceased’s business were horses, in Vigne Deceased, Personal Representatives of the Estate of v HMRC [2017] UKFTT 632.