Commentary

I7.407 Non-agricultural woodlands—woodlands as business property

IHT, trusts and estates

I7.407 Non-agricultural woodlands—woodlands as business property

I7.407 Non-agricultural woodlands—woodlands as business property

A form of business relief is available in respect of the value of trees and underwood, provided that the woodlands are part of a business which qualifies as relevant business property1.

If a person (B), dies and his estate includes growing trees and underwood ('timber') the value of the timber can be left out of account in calculating the IHT payable in connection with his death. If the timber is subsequently disposed of before the land on which it is growing forms part of the value transferred on another death, that disposal gives rise to a charge on the timber in connection with B's death.

Assuming a disposal is made by way of gift by R (who inherited the

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