The valuation of real property for probate purposes has been under the spot light for some time. Practitioners are rightly concerned to do what is necessary to obtain an open market value of a property in an estate in accordance with s.160 IHTA 1984. However, the stance taken by HMRC over the question of valuation is causing a good many practitioners to question the number and type of valuations required to satisfy HMRC and demonstrate the correct value has been chosen for Inheritance Tax purposes.

The recent tribunal hearing in the estate of Raymond Francis Hewitt Hobart deceased is a welcome win for the taxpayer:

Most firms conducting probate work continue to be busy despite the recession although converting enquiries into confirmed cases is increasingly challenging as personal representatives look keenly at prices and levels of service. What follows represents recent additional challenges in this area:

I was recently asked to advise a farmer on the prospect of retaining APR/BPR for IHT in the event of him agreeing to a Wind Turbine or two on his land. It certainly proved to be an interesting question - no answer, sadly, was to be found blowing in the wind on the Isle of Wight!

Are special tax reliefs for furnished holiday lettings likely to become a thing of the past from 6 April 2010 in the light of the release on Budget Day of HMRC’s technical note sounding the demise of the legislative code for income tax and CGT contained in Income Tax (Trading & Other Income) Act 2005?