A BPR win – a review of a recent DIY livery case

Business Property Relief (BPR) can provide Inheritance Tax Relief on business assets at a rate of 50% or 100% of their value. This relief can be very valuable but to support a claim HMRC require the business to be a trading business:  defined as not wholly or mainly...

VAT and overseas transactions

Many of our clients, especially in the eventing, show jumping, dressage and racing world, buy and sell horses as part of their trade.The sale of horses is a taxable supply for VAT purposes with VAT chargeable at 20% (unless the second hand margin scheme applies) for...

Beware grazing of land by horses

We often suggest to our land owning clients that to benefit from Agricultural Property Relief (APR), which can give up to 100% Inheritance Tax relief on the agricultural value of land, they need to be accepted as farming their land. One way of demonstrating this is by...