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In particular, business assets such as shares in qualifying trading companies can attract 100 per cent relief from IHT, business property relief, irrespective of who inherits the assets," he said.
Tax efficiency can be achieved with business asset taper relief, i.
Companies investing in Eastern Europe must assess both the attractiveness of a country's business environment, as measured by the six criteria, and the attractiveness of its business assets, as measured by the existence of export-oriented businesses in the investor's industry and the history of entrepreneurship in the country and the industry.
The AMT adjustment for sale of business asset is higher than normal, which may be the result of missing required input for AMT depreciation.
Ironically, it was Gordon Brown himself who first drew the distinction between business assets and non-business assets when he introduced the taper relief regime in April 1998.
This would reassure both existing business asset holders and prospective investors, and stem the flow of panic selling before the April 2008 deadline.
Properties are of a like class if they are within either the same "general business asset class" or the same "product class" (see exhibit 1, page 80).
The tax now applies to capital gains irrespective of whether the asset is a business asset (private company shares, assets used by a business) or a non business asset (second homes, investments).
The Government has announced that the period for which an individual must hold a business asset before he or she can achieve a ten per cent tax rate will fall from four years to two years.
Neither of these rulings mentioned the holding company's ownership of subsidiary stock as a historic business or viewed the stock as a historic business asset.
According to Ms Ellis, the rules governing the definition of a business asset have changed.

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