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Three solicitors set up in partnership six months ago. They shared profits equally and ran their business from an office owned personally by one of the partners which he bought seven months ago. The partner who owned the office has now died. At the date of his death, the partnership business was valued at £900,000 and the office was valued at £700,000.
Which of the following best describes the availability of Business Relief (BR) for Inheritance Tax in respect of the deceased partner’s interest in the partnership business and in the office?
A. The interest in the partnership business and the office will both qualify for BR at a rate of 100%.
B. The interest in the partnership business will qualify for BR at a rate of 100% and the office will qualify for BR at a rate of 50%.
C. The interest in the partnership business will qualify for BR at a rate of 100% and the office will not qualify for BR.
D. The interest in the partnership business will not qualify for BR and the office will qualify for BR at a rate of 50%.
E. Neither the interest in the partnership business nor the office will qualify for BR.
E - Neither the interest in the partnership business nor the office will qualify for BR.
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