Inheritance tax

Question 1

Business property relief acronym

Answer 1

rose

Question 2

what does BPR apply to

Answer 2

applies to lifetime and death transfers

Question 3

What is the R in Rose

Answer 3

Relevant Business property

Question 4

What would relevant business property be

Answer 4

business, unquoted securities where transferor has control of company, unquoted shares, quoted shares, land and buildings and P&M used by the individual company

Question 5

which business properties get 100% relief

Answer 5

unquoted securities where transferor has control and unquoted SHARES

Question 6

Which business property relief get 50% relief

Answer 6

quoted shared, land and buildings

Question 7

What does the O of Rose stand for

Answer 7

Ownership - must have owned for two years

Question 8

What does the S of Rose stand for

Answer 8

Sale contract - no binding contract for sale at date

Question 9

How long is someone to be resident in UK to be deemed domicile in UK?

Answer 9

15 of last 20 tax yrs