Manolete Partners Plc (LON:MANO), the UK’s leading insolvency litigation financing company, has received positive legal opinion regarding Business Property Relief.
The company sought independent advice in respect of, “the availability of business property relief from UK inheritance tax in relation to the shares in Manolete Partners PLC (MPP). Specifically, the question is whether relief would be denied on the basis of IHTA 1984, s.105(3).”
Manolete instructed Michael Firth QC of Gray’s Inn Tax Chambers, a foremost legal expert on Business Property Relief matters and Inheritance Tax.
Mr Firth’s opinion was that, “assuming the other conditions for business property relief are met in individual cases, my view is that the relief is available.”
Manolete Partners Chief Executive, Steven Cooklin, said, “This independent legal opinion is potentially a very positive outcome for investors in Manolete. However, it must be stressed that individuals’ tax affairs are fully their own responsibility and they should also take their own tax advice in respect of Business Property Relief before doing or refraining from doing anything which might have tax consequences for them. I should add that HMRC are able to change the various reliefs available for inheritance tax at their discretion. “