The following Private Client Q&A produced in partnership with Lynne Counsell of 9 Stone Buildings provides comprehensive and up to date legal information covering:
Agricultural relief applies to agricultural property as defined in section 115(2) of the Inheritance Tax Act 1984 (IHTA 1984) and, as here, can be 100% if the relevant conditions are satisfied.
See Practice Note: IHT—agricultural property relief and Gov UK Guidance: Agricultural relief for Inheritance Tax.
The relief is given by reference to the agricultural value of agricultural property. The agricultural value is defined in IHTA 1984, s 115(3) as the value the agricultural property would have if it were subject to a perpetual covenant prohibiting its use otherwise than as agricultural property.
The agricultural value may be less than the open market value, having regard
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