Commentary

I7.361 Introduction to agricultural tenancies

IHT, trusts and estates

I7.361 Introduction to agricultural tenancies

Agricultural tenancies

I7.361 Introduction to agricultural tenancies

A lease of agricultural property which has a value of its own (for example, a long rent free lease of land sublet to a tenant farmer) can qualify for relief in the same way as a freehold interest, and establishing an open market value for it is relatively straightforward.

Tenancies from year to year, with security of tenure under the Agricultural Holdings Act 1986, present serious valuation problems, because although they endure for the tenant's life they are almost invariably non-assignable. However, for transfers after 9 March 1992, these problems do not

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