HMRC have updated their guidance in relation to property consisting of a business or a business interest.
The relevant page of the IHT manual has been amended “to reflect updated approach for determining whether a business exists or not”. The new wording as it applies for inheritance tax purposes follows case law developments and an amended approach announced last year to the similar issues that arise in a VAT context.
https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm25152
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