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The business value is usually determined using the simplified income approach or an individual business valuation, while properties used for operational purposes are considered separately within this value.
Properties not required for business operations, such as pure investment properties within business assets, are generally excluded from the inheritance tax relief provisions for business assets and are valued separately.
Given the complexity involved, close cooperation between us as real estate valuer, the tax advisor, and, where appropriate, a business valuer is always advisable.
As part of the inheritance tax relief assessment, the tax authorities also examine the administrative assets ratio: if non-privileged administrative assets, such as pure investment properties, exceed 90 percent of the business assets, the relief is forfeited entirely.
This review requires a detailed division of the real estate portfolio into operationally necessary and non-operationally necessary assets, which regularly needs to be closely coordinated with the tax advisor.