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Readers’ forum: Who must carry out the farming activity to claim relief?

25 March 2024
Issue: 4930 / Categories: Forum & Feedback , Land & property , Trusts
Agricultural property relief

The deceased left assets which at the death were eligible for agricultural property relief (APR) and/or business property relief (BPR) to be held on discretionary trusts under the terms of the will. The trustees have now owned the property for two years. In order that the trustees qualify for APR/BPR on a transfer do they all need to carry out the farming/business activity or can only one of them carry out the farming?

Query 20 296 – Benjamin.

Trustees must own land for seven years.

Benjamin’s question arises I assume because had the trustees made a transfer of assets within the two years following death the APR/BPR available on death would have applied as though the will had left the assets to the transferee rather than to the trustees (IHTA 1984 s 144(1) and (2)). Once two years have elapsed ...

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