Farmers and estate owners who have diversified will be encouraged by the outcome of an important Inheritance Tax case published recently. On 17 August, HM Revenue & Customs published its findings in the appeal by HMRC against Mr Brandcr as executor for the late Lord Balfour. IIMRC'sappeal, on a point of law only, was refused, confirming an earlier decision that valuable 100% Inheritance Tax Business Property Relief should be available on land, houses and cottages let to third parties as well as the taxpayer's property used in his own trading activities. For BPR to be available there has to be a business activity which is predominantly a trade.
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