In The Executors of K Beresford v HMRC [2024] UKFTT 952 (TC) (24 October) the First-tier Tribunal (FTT) determined that shares in a holding company did not qualify as “relevant business property” for the purposes of business property relief from inheritance tax. The question for the FTT was whether the business of a company was “wholly or mainly one of making or holding investments”. There is a similar test in Irish capital acquisitions legislation to qualify for business property relief.
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