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Where Taxpayers and Advisers Meet

BPR and partnerships

Nonimous
Posts:81
Joined:Thu Jul 16, 2009 12:39 pm
BPR and partnerships

Postby Nonimous » Fri Jun 04, 2021 12:39 pm

Hi
this ought to be a simple question but I have found nothing one way or the other

Suppose Miss X is a partner in a firm and in the current state of affairs her partnership share would qualify for 100% BPR
One of the other partners retires and Miss X and her fellow partners buy him out
Miss X then unfortunately dies shortly afterwards

Does the 100% BPR apply to the entirety of her partnership share, or just to the chunk she has owned for more than 2 years? I see that if she had shares and bought out another shareholder then it would only be the older holding which qualified.

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