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10 November 2005 / Adrian Baird
Issue: 4033 / Categories: Comment & Analysis , Reviews

ADRIAN BAIRD examines the meaning of 'agricultural value' within IHTA 1984, s 115(3).

ADRIAN BAIRD examines the meaning of 'agricultural value' within IHTA 1984 s 115(3).

THE LANDS TRIBUNAL delivered its judgment in the case of Lloyds TSB Private Banking (personal representative of Rosemary Antrobus deceased) v Peter Twiddy DET/47/2004 (referred to hereafter as 'Antrobus 2') on 10 October 2005 (see This second Antrobus case should not be confused with the equally important case of Lloyds TSB plc (Antrobus' Personal Representative) v CIR [2002] SSCD) 468 ('Antrobus 1') even though both were concerned with key definitions of inheritance agricultural property relief (APR).
APR provides relief against so much of a transfer of value as is attributable to the agricultural value of agricultural property (both key terms in italics being defined respectively in IHTA 1984 s 115(3) and s 115(2)). In order for a farmhouse to qualify for APR it must be agricultural property which...

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