Farm Tax Brief

摘要

From the courts: CGT disposal date; From the Special Commissioners: IHT business property relief and newly issued shares; From the Revenue: IHT — discounted gift scheme; Briefing Capital gains tax — the entrepreneur's relief; Topic of the month: TheFinance Bil - The main topic of interest in the Finance Bill, at least for the future is probably going to be the entrepreneur's relief, which will enable gains to be taxed at a rate of 10% rather than 18%. The announcement of this relief was preceded by considerable criticism of imposition of the 18% rate where business asset taper relief would have reduced the tax rate to 10%. The entrepreneur s relief is discussed in more detail in the Briefing on page 6. This part of the Finance Bill may be subjectto debate and possibly even change as the Bill passes through Parliament. There has been less controversy over the announcement of the IHT 'transferable nil rate band'. On the face of it, this will simplify will drafting for farmers and others. It willno longer be as necessary to make elaborate provisions enabling each spouse to make use of their separate nil rate band, while ensuring that, after one of them dies, the other can continue to occupy the family home.