Scotland - Get Inheritance Tax Relief on Business Assets

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Procedure

Apply by Post

1. To Get Inheritance Tax Relief on Business Assets, the applicant has to approach the HM Revenue & Customs link
2. An application form will be provided to the applicant by the concerned officer or it can be downloaded from the following link link
3. The applicant has to fill in all the necessary details in the application form. (Incomplete applications are not accepted)
4. Make sure that the applicant has attached all the necessary documents that are mentioned in the “Required Documents” section of this page.
5. The applicant has to attach photocopies of the required documents along with the application form while submitting it.
6. Submit all the documents with the completed form to the concerned office's postal address.
7. The postal address is mentioned in the “Office Locations & Contacts” section of this page.
8. The applicant has to pay the prescribed fee as requested by the authority’s request
9. After receiving the application, the concerned authority will check the submitted application and document set. If all are in place, the application will be accepted.
10. Then the application will be processed further.
11. Inheritance tax relief rules can be complex, and it is advisable to consult with a professional advisor or a specialist in tax planning to understand the specific conditions and requirements based on his/her circumstances.
12. This entire process can be completed within 15 – 20 days or as per the timeline advised by the respective department authority.

==Required Documents==

• Application form link link
• ID proof (Birth Certificate, national Identity card, etc)
• Address proof – (Driving license, passbook, utility bill, etc)
• A copy of the deceased's death certificate
• A copy of the will, if one exists
• A valuation of the business assets
• A statement from the executors of the estate, confirming that the business assets have been transferred to the beneficiaries
• A copy of the beneficiaries' National Insurance numbers
• Any other documents (If required)

Office Locations & Contacts

HM Revenue & Customs
S1715
7th Floor
Central Mail Unit
Newcastle Upon Tyne
NE98 1ZZ
United Kingdom
Email [email protected]
Contact link

REGISTER OFFICE – SCOTLAND
National Records of Scotland
New Register House
3 West Register Street
Edinburgh
EH1 3YT
Email - [email protected]
Phone : 0131 202 0451
List of Local Register Office link

Eligibility

The applicant may be eligible to get Inheritance Tax relief on business assets in Scotland if the following conditions are met:

• The business must be a trading business, not a property rental business.
• The business must be carried on in Scotland.
• The business must have been owned and controlled by the deceased for at least two years immediately prior to their death.
• The business must be worth at least £1 million.

Fees

• The applicant has to pay the prescribed fee as requested by the authority’s request.

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

• Application form link link

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• This entire process can be completed within 15 – 20 days or as per the timeline advised by the respective department authority.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Applicants must complete the application form before submitting it. Incomplete applications will not be accepted.
• Applicants must provide genuine information while applying for this procedure.

Required Information

• The name and address of the company or partnership that owns the business assets.
• The value of the business assets.
• The date of death of the person who owned the business assets.
• The name and address of the executors of the estate.
• The National Insurance number of the beneficiary.

Need for the Document

• Inheritance Tax Relief on Business Assets in Scotland is a government scheme that reduces the amount of Inheritance Tax that is payable on the value of business assets that are passed on to beneficiaries after the death of the owner.

Information which might help

• For more information link

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Link

Others

• The relief is available for a wide range of business assets, including shares, securities, goodwill, and business premises.
• To qualify for relief, the business assets must be owned by a company or partnership that is carrying on a trade or business in Scotland. The company or partnership must have been carrying on the trade or business for at least two years before the death of the person who owned the business assets.
• The company or partnership must also have a minimum of two employees who are not related to the person who owned the business assets.