BUSINESS PROPERTY RELIEF (BPR)
14/04/2011
BPR is a significant special relief for Inheritance Tax (IHT) which has the effect of reducing the value of business property before IHT is applied to the net value. It is subject to various conditions.
Relief under s. 104 IHTA 1984 is given automatically where it is due. It is given after Agricultural Property Relief (if that relief applies) and before available exemptions e.g. surviving spouse exemption. The benefit of the relief is obtained by making an appropriate deduction (with accompanying explanation) in the IHT 413.
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