I7.303 History of APR

I7.303 History of APR

The replacement of the old version of APR (see I7.390) by the new relief was partly a response to the practice of many owners of agricultural land of letting the land to partnerships including themselves in order to obtain the double discount of a tenanted valuation as well as APR. It also addressed the technical difficulties and anomalies that had arisen under the old relief, in particular the fact that the relief was a deduction from a chargeable transfer rather than a transfer of value.

BPR, which had been introduced by FA 1976 the year after CTT

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