Chapter IHTM24037

Published date20 March 2016
Record NumberIHTM24037
CourtHM Revenue & Customs

A farmhouse (and other buildings) will qualify as agricultural property, but only if it is ‘of a character appropriate to the property’. ‘The property’ in this context means the agricultural land or pasture which qualifies as agricultural property and which forms part of the estate for IHT purposes.

The charge to tax under IHTA84/S3 (1) arises in respect of the value transferred (IHTM04028) calculated by reference to the loss in value to an estate or the value of an estate. IHTA84/S116 states that, ‘where the whole or part of the value transferred by a transfer of value is attributable to the agricultural value of agricultural property, the whole or the part of the value transferred shall...

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