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Essentials of a successful claim to agricultural property relief
KEY POINTS
- A direct involvement in farming is not necessary for agricultural property relief to apply.
- Are buildings of a “character appropriate”?
- Non-farming activities may be within the relief.
- The relief only applies to agricultural value.
- Relief for a lifetime gift will depend on the donee’s use.
Agricultural property relief (APR) is a hugely valuable inheritance tax relief and in some respects it may have a wider appeal than its sibling business property relief (BPR).
This is because it is longer necessary to demonstrate that the taxpayer is directly involved in farming to secure the base relief although this does have an impact on the more ancillary components falling under the agricultural umbrella.
However APR is universally misunderstood and this often leads to potentially costly consequences...
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