I1.545 Scope

Business and agricultural relief

I1.545 Scope

Business relief1 (Division I7.1) and agricultural relief2 (Division I7.3) are two very important IHT reliefs which have considerable amount in common in terms of their structure and drafting. They both operate to reduce a transfer of value (lifetime or on death) by a prescribed percentage of the value transferred that is attributable to specified types of business or agricultural property, where conditions as to period of ownership etc are satisfied (I7.102, I7.302) and both can also apply to settled property whether with or without a beneficiary-taxed interest in possession (see I5.271–I5.273A, I5.373). For

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