Introduced in 1976 and updated in 1984, BPR (commonly termed Business Relief) is part of IHT law and is a statutory relief monitored by legislation. The original purpose of BPR was to protect growing businesses from being thawed to pay estate duties when the business owners pass away.
Business Relief provides relief from Inheritance Tax (IHT) on the transfer of relevant business assets at a rate of 50% or 100%, and as there is generally no upfront tax relief for such schemes, BPR investments are not part of HMRC’s Venture Capital Schemes.
To help educate advisers about Business Property Relief, IFA/GBI Magazine has published the Tax Efficient Investment Research Report 2024.
