HM Revenue and Customs v A M Brander As Exec of The Will of The Late Fourth Earl of Balfour: UTTC 16 Aug 2010

UTTC Inheritance tax – Exempt transfers and relief – Business property relief Replacement property – Deceased having liferent interest in family estate – Deceased declared to be fee simple proprietor of the estate – Deceased entering into partnership with intended successor – Whether deceased’s interest in partnership, which subsisted immediately before his death, replaced previous business carried on by deceased – Whether business excluded from business property relief as consisting mainly of making or holding investments – Inheritance Tax 1984, ss 105(1), (3), 107.

Lord Hodge, Sir Stephen Oliver QC
[2010] UKUT 300 (TCC), [2010] BTC 1656, [2010] STI 2427, [2010] WTLR 1545, [2010] STC 2666
Inheritance Tax 1984 105(1) 105(3) 107
England and Wales
CitedTootal Broadhurst Lee Co Ltd v Inland Revenue Commissioners HL 1949
Fees received for the use of the taxpayer’s productive plant were not income from investment.
Lord Norman defined the meaning of ‘investment’, saying: ‘The meaning of ‘investment’ is its meaning, not in the vernacular of the man in the street, . .
CitedMcCall and Another v HM Revenue and Customs CANI 25-Feb-2009
The deceased had inherited grass land from her husband. It had planning permission for development. The personal representatives appealed against a finding that relief was not available as a relevant business property. . .
CitedEdwards (Inspector of Taxes) v Bairstow HL 25-Jul-1955
The House was asked whether a particular transaction was ‘an adventure in the nature of trade’.
Held: Although the House accepted that this was ‘an inference of fact’, on the primary facts as found by the Commissioners ‘the true and only . .

Lists of cited by and citing cases may be incomplete.

Inheritance Tax

Updated: 01 November 2021; Ref: scu.428164