Chapter IHTM24153

Published date20 March 2016
Record NumberIHTM24153
CourtHM Revenue & Customs

In any case where an interest in a partnership is included in a transfer of value, (IHTM04024) relief is due where part of the value transferred can be attributed to agricultural property (IHTM24030) forming part of the partnership assets provided the conditions for relief are otherwise satisfied.

In Scotland, the interest of a partner in a firm owning agricultural property will normally be entitled to business relief, in view of the separate legal persona of a Scottish partnership which can itself own heritable property.

In calculating the value attributable to the agricultural value of agricultural property, secured debts should be deducted primarily...

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