{"id":1826,"date":"2017-02-27T15:33:56","date_gmt":"2017-02-27T15:33:56","guid":{"rendered":"http:\/\/www.newsfin.co.uk\/news\/?p=1821"},"modified":"2017-02-27T15:33:56","modified_gmt":"2017-02-27T15:33:56","slug":"alternative-exemptions","status":"publish","type":"post","link":"https:\/\/jalapenoltd.co.uk\/news\/alternative-exemptions\/","title":{"rendered":"Alternative exemptions"},"content":{"rendered":"

Reducing the amount of Inheritance Tax payable on other assets <\/strong><\/p>\n

Business <\/strong>
\nDepending on how you own the business and what type of business it is, you could receive either 50% or 100% tax relief on it. Business Relief reduces the value of a business or its assets when working out how much\u00a0Inheritance Tax\u00a0(IHT) has to be paid.<\/p>\n

Any ownership of a business, or share of a business, is included in the estate for IHT purposes.<\/p>\n

Business Relief of either 50% or 100%\u00a0is available on some of an estate\u2019s business assets, which can be passed on while the owner is still alive, or as part of the Will.<\/p>\n

As the executor of the Will or administrator of the estate, you can claim Business Relief when you\u2019re\u00a0valuing the estate. You must use the market value of the business or asset when calculating relief at 50%.<\/p>\n

You can claim relief on property and buildings, unlisted shares, and machinery.<\/p>\n

Agricultural property<\/strong>
\nA farm can be passed on free from IHT. However, certain farm assets aren\u2019t exempt from tax, such as farm machinery. Agricultural property that qualifies for Agricultural Relief is land or pasture that is used to grow crops or to rear animals intensively.<\/p>\n

Woodland property<\/strong>
\nIf you leave a woodland property, the land itself is not subject to IHT. However, the trees on the property are subject to the tax if sold or given away as timber. The executor of your estate will have to include the value of the woodland when applying for probate, even though it\u2019s not considered for IHT.<\/p>\n

Heritage assets<\/strong>
\nIf you own a building, land or objects of national scientific, historic or artistic importance, you could claim relief from IHT. However, there are certain conditions that must be met in order to get this relief.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reducing the amount of Inheritance Tax payable on other assets Business Depending on how you own the business and what type of business it is, you could receive either 50% or 100% tax relief on it. Business Relief reduces the value of a business or its assets when working out how much\u00a0Inheritance Tax\u00a0(IHT) has to… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/posts\/1826"}],"collection":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/comments?post=1826"}],"version-history":[{"count":0,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/posts\/1826\/revisions"}],"wp:attachment":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/media?parent=1826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/categories?post=1826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/tags?post=1826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}