Commentary

I5.271 Introduction to APR, BPR and qualifying interests in possession (QIIPs)

IHT, trusts and estates

I5.271 Introduction to APR, BPR and qualifying interests in possession (QIIPs)

Application of APR and BPR to QIIPs

I5.271 Introduction to APR, BPR and qualifying interests in possession (QIIPs)

Agricultural property relief (APR) (Division I7.3)1 and business property relief (BPR) (Division I7.1)2 can apply to a qualifying interest in possession (QIIP). Broadly, it applies as if the person entitled to the qualifying interest (often called the 'life tenant') were the absolute owner of the business or agricultural property in question.

Both reliefs are provided in relation to a transfer of value, and are subject to the conditions described below.

The 'transferor' for the purposes of agricultural and business relief on settled

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