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Issue:
4470
/
Categories:
Comment & Analysis
, agricultural property relief
, Inheritance Tax
, Investments
, Land & property
Management of farmland can be crucial to agricultural property relief claims
KEY POINTS
- The availability of the valuable inheritance tax reliefs on agricultural property can be influenced by the nature of the income received from it.
- The cultivation of grass can be a farming activity.
- Care should be taken that the minimum period of occupation or ownership requirements of IHTA 1984 s 117 are met.
- The importance of ensuring that the grazing agreement is not a tenancy.
- The landowner not the grazier should be responsible for growing the grass and actively performing some activity.
Recent debate with HMRC has shown that in certain circumstances being the person who carries out the task of fertilising (“muck spreading”) the farmland can help decide whether a taxpayer can claim agricultural property relief (APR) on the farmhouse and business property relief...
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