Chapter IHTM24133

Published date20 March 2016
Record NumberIHTM24133
CourtHM Revenue & Customs
IssuerHM Revenue & Customs

IHTA84/S121 (2) refers back to the replacement provisions (IHTM24132) in IHTA84/S121 (1)(c). It provides that, except where the replacement concerned resulted from the formation, alteration or dissolution of a partnership, the agricultural relief shall not exceed what it would have been had the replacement(s) not been made. Your approach to S121(2) should be similar to that to replacement property (IHTM24112) generally.

Similarly, if the earlier transfer arose from a disposition which was part...

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