Commentary

I7.390 APR before 1981

IHT, trusts and estates

I7.390 APR before 1981

APR for transfers before 10 March 1981

I7.390 APR before 1981

The basics

These provisions apply where the transfer of value took place before 10 March 1981. For transfers after 9 March 1981 see I7.304

The old rules also apply for transfers after 9 March 1981 which qualify for APR under the post 9 March 1981 rules where the transferor has since 9 March 1981 owned the land without being entitled to vacant possession. To the extent that he would have qualified for APR under the old rules he will get APR at the higher rate of relief under the new rules1.

Where agricultural property in the UK, the Channel Islands or the Isle of Man was the subject of a chargeable transfer, either in lifetime or on death, a person liable to pay any part of the tax could claim, within two years of the transfer or such longer time as the Board allowed, to have the agricultural value reduced by 50% provided certain conditions were satisfied2.

The relief was subject to overriding limits on the total value and area of the agricultural property.

The relief applied to an interest in joint property, and to property in which a person had an IIP, as well as to property which was owned absolutely. It did not apply to property distributed by the trustees of settlements having no IIP, nor to any settled property unless the property was occupied by an individual having an IIP, and all other conditions regarding relief were

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