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Business Relief Denied for Fishery
Manage episode 442746573 series 3603591
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The executors of Kingsworthy Meadow Fisheries attempted to claim business relief from inheritance tax for the company, which was inherited by them after the death of the previous owner, Mrs Pearce. The claim, which amounted to £806,273, was rejected by HMRC on the grounds that the business was primarily an investment activity, due to the nature of its income derived from granting fishing rights on the land. The appeal was dismissed by the judge, who agreed that the business primarily involved holding investments, despite the presence of some non-investment activities.
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