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1) Are IBA’s available for second hand buildings? If not is there any sort of tax relief available?
2) Inheritance Tax – Death Estate – Exempt legacies as I know is your spouse. What if the individual died and left all of his assets to charity. Is this taxable?
3)Can somebody please clarify the conditions that are necessary to be deemed holding shares in your “parent trading company”. Am I correct is saying that you need a least 5% share capital/voting rights an need to be an employee.
Thanks
hi,
good questions. My thoughts:
1) IBA – should be available for second hand buildings as well I think, I do’t remember specially mentioned IBA only applicable for new buildings.2) I can imagine that gift to charity will be exempt, but possibly depends on what kind of charity.
3) if you mean you can claim ER if you hold shares > 5%, plus working there.will check up further when I am doing my revision.
Thank you for your response Sue
1)My gut instinct is that IBA’s can be a relief for second hand buildings. What got me thinking was a question in the Kaplan Exam Kit which stated that “a second hand office building only” = no relief. Of course this is classed as general offices and by itself would attract no relief. However, the answers don’t talk about the fact it is second hand hence my question
2)I would have thought that a gift to charity is exempt but again I haven’t seen anything that suggests this.
3) Thanks for clearing this up
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