agricultural property relief

agricultural property relief

a relief from INHERITANCE TAX available on the agricultural value of agricultural property in the UK, the Channel Islands, or the Isle of Man.
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These include business property relief, agricultural property relief, the purchase of AIM shares, setting up trusts, and lifetime gifts made in the seven years immediately before death.
As you are no doubt aware, farmland may benefit from up to 100% Agricultural Property Relief (APR) or Business Property Relief (BPR) in certain circumstances, such as when it has been owned by the farmer for two years prior to his death and used mainly by him for agricultural purposes.
This is because many of the changes would not qualify for Agricultural Property Relief from inheritance tax.
CLA Cymru said that by doing so, landowners could jeopardise the Agricultural Property Relief (APR) on their homes.
With much higher demand than supply," he said, "landlords can offer short-terms for high rents at very little risk and obtain into the bargain, 100% agricultural property relief from Inheritance Tax.
However, a Scottish Government IN FOCUS Agricultural property relief (APR) and business property relief (BPR) Morag Watson of accountant Scott-Moncrieffargues that: "Those whose livelihood is within the rural sector, particularly farmers and landowners, could be forgiven for thinking someone was out to get them.
Mr Hartlebury, partner at Midland practice dhjh Chartered Accountants, said the Government would now be looking to drop business property relief and agricultural property relief, both of which can slash the amount of inheritance tax payable.
But added the industry was relieved that the chancellor had not reviewed the Agricultural Property Relief rules which enables farmers to pass agricultural holding onto the next generation free of Inheritance Tax.
Some agricultural property relief could possibly be achieved on the buildings.
She speaks on succession issues for farmers claiming agricultural property relief and business property relief, and how to structure the rural business with an eye to the next generation.
Is the relief for any property that qualifies for Business or Agricultural Property Relief being maximised?
Agricultural Property Relief (APR) for inheritance tax will now cover agricultural property and forestry owned in countries within the EU, not just in the UK.

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