Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Chapter IHTM24173

Document Cited authorities 1 Cited in Related
Vincent
Published date20 March 2016
Record NumberIHTM24173
CourtHM Revenue & Customs

Four conditions have to be satisfied for agricultural relief to be available in calculating the (additional) tax chargeable by reason of the transferor’s death within seven years of the transfer. The conditions all operate by reference to the original property (IHTM24174). For original property, other than shares or securities (IHTM24175) within IHTA84/S122 (1), the agricultural property (IHTM24030) must

  • have been owned by the transferee (IHTM24179) throughout the period between the date of the transfer and the death of the transferor, IHTA84/S124A (3)(a) (or earlier death of the transferee, IHTA84/S124A (4)),
  • not be subject to a binding contract for sale (IHTM24040) at the date of death unless relief is preserved by the purchase of qualifying replacement property (IHTM24110), IHTA84/S124A (3)(a)
  • still be agricultural property immediately before the death of the transferor (or earlier death of the transferee), IHTA84/S124A (3)(b) and
  • have been occupied (IHTM24070) (by the transferee or another) for agricultural purposes (IHTM24060) throughout the period between the transfer and the death, IHTA84/S124A (3)(b).

All four conditions must be satisfied, but in applying the third and fourth condition, the transferor’s estate...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT