Ian Maston (Mastoni Tax) considers the implications of incorporating a restaurant business and the effect on IHT business property relief.
Question
My clients are an unmarried couple who together own and run a small restaurant in partnership. They are considering incorporating the business but are concerned at the effect that this will have on the IHT business property relief position particularly because they believe that they currently own the restaurant premises personally outside the partnership. What are the issues that they need to consider?
Answer
The first thing that should be reviewed here is whether or not the restaurant premises are indeed owned outside the partnership or whether they are in fact a partnership asset. In the case of a partnership between only two people and where...
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Ian Maston (Mastoni Tax) considers the implications of incorporating a restaurant business and the effect on IHT business property relief.
Question
My clients are an unmarried couple who together own and run a small restaurant in partnership. They are considering incorporating the business but are concerned at the effect that this will have on the IHT business property relief position particularly because they believe that they currently own the restaurant premises personally outside the partnership. What are the issues that they need to consider?
Answer
The first thing that should be reviewed here is whether or not the restaurant premises are indeed owned outside the partnership or whether they are in fact a partnership asset. In the case of a partnership between only two people and where...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
