Policy paper

Draft legislation (accessible version)

Updated 6 March 2024

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Inheritance tax: treatment of non-UK agricultural property and woodlands

(1) IHTA 1984 is amended in accordance with subsections (2) to (5).

(2) In section 16(1) (grant of tenancies of agricultural property), omit 바카라 사이트œ, the Channel Islands or the Isle of Man바카라 사이트.

(3) In section 115 (agricultural property relief: preliminary)바카라 사이트”

(a) in subsection (3), omit the words from 바카라 사이트œ(or바카라 사이트 to the end;
(b) for subsection (5), substitute바카라 사이트”

바카라 사이트œ(5) This Chapter applies to agricultural property only if it is in the United Kingdom.바카라 사이트

(4) In section 116 (agricultural property relief: the relief), omit subsection (8).

(5) In section 125 (woodlands relief)바카라 사이트”

(a) in paragraph (a) of subsection (1), after 바카라 사이트œland바카라 사이트 insert 바카라 사이트œin the United Kingdom바카라 사이트;
(b) omit subsection (1A).

(6) In consequence of the amendments made by subsections (2) to (5), in FA 2009 omit section 122.

(7) The amendments made by this section have effect바카라 사이트”

(a) in relation to transfers of value made on or after 6 April 2024,
(b) in relation to transfers of value made before 6 April 2024, for the purposes of any charge to tax, or to extra tax, which arises on or after that date, and
(c) in relation to other occasions on or after 6 April 2024 on which tax falls to be charged.

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