business property relief

business property relief
business property relief (BPR)
England, Wales
A relief from inheritance tax. When the conditions for the relief are met, it reduces the open market value of any transfers of value (transfer of value) (broadly, gifts) of relevant business property made in lifetime or on death. The rate of relief is either 100% or 50% of the value of the transfer, depending on the nature of the relevant business property and who owns it.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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