I have a client with B&B business where they reside and with adjoining small Public house. The property is currently only in the name of the husband. They have one child who has and still resides with them. Does business relief 90% apply to the full value of B&B and Public house? Is there any advantage or disadvantage in the business being in both parents names?
Separate to above there is approx. 27 acres of land, 22 acres of which receives a Forestry Grant of €4.5k per annum. If the latter was also inherited/gifted does business relief 90% also apply and if so is it all aggregated in the taxation computation? Are there any pitfalls to watch?