The First-tier Tax Tribunal recently found that the provision of a converted barn as a wedding venue business was wholly or mainly for the purposes of holding its property as an investment.
Consequently, it did not create an entitlement to business property relief from inheritance tax under s.105(3) Inheritance Tax Act 1984 and, accordingly, the First-tier Tax Tribunal rejected the appeal.
The judgement may be found at:
https://financeandtax.decisions.tribunals.gov.uk/judgmentfiles/j12859/TC08949.pdf
Stephen Parnham
