HMRC loses IHT appeal against Earl of Balfour

HM Revenue & Customs (HMRC) lost the court battle concerning business property relief withheld on the 2,000 acre estate once owned by former British Prime Minister Arthur Balfour. The relief spares business owners from IHT when they transfer holdings to relatives. Former PM Balfour's son, the 2nd Earl of Balfour, arranged to pass on his estate before he died in 2003, but HMRC argued the Scottish estate was not eligible for business property relief. However Revenue & Customs failed to convince the Upper Tier tax tribunal to reverse a decision granting the tax breaks, which can give...