Heritage property and landed estates

Heritage property and landed estates guidance:

The Acceptance in Lieu (AiL) scheme allows those who are liable to UK inheritance tax (IHT) to apply to settle the tax by offering property in full or part...

Practice Note

Where agricultural land is an investment asset for trustees, they should have an understanding of the main factors affecting its performance. There are many factors that...

Practice Note

Letting of agricultural land Agricultural tenancies The Agricultural Tenancies Act 1995 (ATA 1995) introduced farm business tenancies (FBTs) to replace the old-style...

Practice Note

With the aim of encouraging lifetime philanthropic giving, the government introduced provisions in the Finance Act 2012 (FA 2012), whereby donors who give pre-eminent...

Practice Note

Conditional exemption from inheritance tax (IHT) on a transfer of value of a qualifying asset is available at the discretion of the Treasury (assessed via...

Practice Note

Agricultural property relief (APR) was provided for from the outset when capital transfer tax was introduced by the Finance Act 1975. The nature of the relief has changed...

Practice Note

Business property relief (BPR) is an important relief for inheritance tax (IHT) purposes. The relief applies both to individuals and to trusts that hold qualifying...

Practice Note

Woodlands may attract one of three different types of relief from inheritance tax (IHT) depending on the nature of the land and timber operations: • agricultural property...

Practice Note

With the current generic challenges by HMRC to inheritance tax (IHT) relief claims on landed estates and the Agriculture Bill, much care needs to be taken with regard to...

Practice Note

Manorial rights are relics of the feudal system of land tenure. They continue to exist in relation to land that: • is former copyhold land, or • was inclosed pursuant to...

Practice Note

What is a strict settlement? A strict settlement is a settlement of land falling under the Settled Land Act 1925 (SLA 1925). Some strict settlements are in an elaborate...

Practice Note

A landed estate typically consists of a holding of some hundreds or even thousands of acres of land, held by or for a family over the generations. Within that there is...

Practice Note