AAT: Aim shares should lose IHT break
Shares issued by companies listed on the Alternative Investment Market (Aim) should lose their inheritance tax exemption, according to the Association of Accounting Technicians (AAT). The AAT argues that business property tax relief, which certain Aim-listed shares benefit from, was “not designed as an avoidance measure or to promote Aim-listed shares.” It adds: “Business property tax relief was introduced in 1976 to make sure successful family businesses did not have to pay large tax bills to retain control of the business. There is no sound basis for allowing such an exemption to continue and AAT therefore recommends this also be removed.”