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Hold your horses
KEY POINTS
- Probate valuers may have limited experience of diversified farming activities.
- Has planning permission been obtained for all activities?
- The equestrian uses that qualify as farming activities are limited.
- The Vigne case has emphasised the need for ‘enhanced services’.
- The Palliser case illustrates the importance of hope value.
- The judgment in Grace Joyce Graham (Deceased) draws attention to the need for enhanced services for entitlement to inheritance tax reliefs.
- Summarising the complete farm history can assist in understanding the business.
Recent tax case law has put more pressure on the probate valuer. Most qualified farm probate valuers have been trained in depth in all farming matters...
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