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Chapter IHTM24013

Document Cited in Related
Vincent
Published date20 March 2016
Record NumberIHTM24013
CourtHM Revenue & Customs

Whatever the occasion of charge, you should review all the information that is available to you. The list below includes your main sources of information and gives a basic example of one the many areas you may consider investigating on each:-

  • Deceased’s/transferor’s stated occupation on page 1 of the IHT400 or IHT100. Where the deceased/transferor is described as ‘retired’, this may help when investigating whether or not their residence is a “farmhouse”, (IHTM24036), or is occupied for the purposes of agriculture (IHTM24091). Whether or not a person may correctly be described as ‘retired’ should be based on the consideration of all relevant facts.
  • Information provided on form IHT414 (IHTM24255) or D37 (IHTM24256). This includes factual information, such as the date the deceased/transferor acquired the property as well as descriptive information on the nature of the agricultural operations that took place at the property.
  • Information about the deceased’s or transferor’s business activities. This may include any accounts. Was the deceased actively engaged in farming? Do the business accounts show sales or purchases of livestock and or crops, or did the ‘business’ consist solely of renting land to a tenant farmer for their own business? If the land was rented out, business relief (IHTM25131) would not be available on any excess value (IHTM24151) the land has over its agricultural value (IHTM24150)
  • Information given in any professional valuation of the land provided by the taxpayer. This may contain useful information about any tenancies (IHTM24210) granted over agricultural land, or about the nature of the occupation (IHTM24090) of any farm cottages (IHTM24092) and buildings (IHTM24093). A derelict outbuilding is unlikely to have been occupied for the purposes of agriculture (IHTM24060)
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