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Chapter SVM112030

Document Cited in Related
Vincent
Published date13 March 2016
Record NumberSVM112030
CourtHM Revenue & Customs
IssuerHM Revenue & Customs

The rates of relief are

100% if

  • the company’s interest in the agricultural property immediately before the transfer was valued with vacant possession or
  • the land was let on a tenancy beginning on or after 1 September 1995

50% in all other cases.

Vacant Possession

If

  • a company owns and occupies land for the purposes of agriculture without any intervening interests or
  • another person occupies it under a licence which is incapable of conversion into a protected tenancy under the Agricultural Holding Acts (for example a grazing licence for less than a year),

the company is regarded as having the right to vacant possession and the property is valued on that basis.

Higher (vp) Rate

The higher (vacant possession) rate also applies to let land if the company’s interest in the property is,

  • though let, valued at an amount broadly equivalent to the vacant possession value of the property, or
  • carries a right to vacant possession within twenty-four months of the date of the transfer.
Package Valuations (Higher Rate)

Cases where

  • a company owns land and lets it to...

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