Commentary

I8.366 Agricultural value of agricultural land

IHT, trusts and estates

I8.366 Agricultural value of agricultural land

I8.366 Agricultural value of agricultural land

The agricultural value of agricultural property is the price it would fetch if it were sold subject to a perpetual covenant confining its use to agriculture1. In the case of property outside the United Kingdom, Channel Islands and Isle of Man, the agricultural value is the value as if it were subject to provisions equivalent to that covenant. Agricultural relief extends to this agricultural value only, ie, mineral and development values are excluded but might qualify for business relief: see I7.302.

The agricultural value of the property may be less than the open market value,

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