A FARMING family in Dulverton has overturned a decision by HM Revenue and Customs to charge them inheritance tax of around £140,000 – plus interest.
The two brothers, who wish not to be named, initially accepted the charges on a farmhouse left to them on the death of their father.
But later they decided to query the demand.
They employed a firm of tax consultants to investigate on their behalf.
The firm, Albert Goodman, believed the family was entitled to agricultural property relief (APR) and put the argument to HMRC to re-open the case.
Sam Kirkham, at Albert Goodman, said: “This case highlights the importance of getting evidence of the day-today farming activities at the time so that the best case can be put forward to HMRC for a claim for APR.
“We believe there may be other similar cases that have been lost by the taxpayer but whose argument was not correctly considered at the time.”
The firm also warns other people in this situation that time is of the essence if the tax bill is to be re-considered.
It says this case highlights the importance of keeping evidence of the day-today farming activities of the landowner in order to protect any tax reliefs and avoid incorrect demands.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel