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Chapter IHTM24144

Document Cited in Related
Vincent
Published date20 March 2016
Record NumberIHTM24144
CourtHM Revenue & Customs

By Extra-Statutory Concession F17 dated 13 February 1995 (ESC F17), which continued our existing practice, the higher (vacant possession) rate applies to let land if the deceased’s/transferor’s interest in the property either

  • carries a right to vacant possession within twenty-four months of the date of the transfer, or
  • is, though let, valued at an amount broadly equivalent to the vacant possession value of the property.
Vacant possession within twenty-four months

Generally a notice to quit an agricultural tenancy is invalid if it claims to terminate the tenancy before the expiration of twelve months from the end of the current year of tenancy. If an unchallenged notice to quit had been served shortly after the beginning of the current year of tenancy, the tenant would have well nigh two years before he left. Where a tax charge arose in respect of the landlord’s interest in the land in such circumstances after service of notice to quit, it would not be appropriate to deny relief at the higher (vacant possession) rate simply because vacant possession could not be obtained within twelve months, as the value of the landlord’s...

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