Inheritance Tax Manual

IHTM24302 - Environmental Management Agreements: Agricultural property

As set out at IHTM24030 agricultural property is defined in IHTA84/S115 (2).

IHTA84S124C (1) extends the definition to land used as part of a qualifying environmental management (EM) agreement.Ìý

Furthermore, the land must have been 바카라 사이트˜agricultural property바카라 사이트™ throughout the period of two years ending with the day the land became subject to the EM agreement, IHTA84/S124 (1)(a).Ìý So, for example, land that had been agricultural pasture for two years before it became subject to an EM agreement would meet this condition but land that had been used as part of a golf course would not.

In this context, if the land was subject to a qualifying agreement at the date of transfer, and prior to this it was subject to an earlier qualifying agreement, the land would be regarded as 바카라 사이트˜agricultural property바카라 사이트™ for the duration of both the current, and previous, qualifying agreements.Ìý But both agreements must be qualifying agreements.Ìý An agreement that ended before 6 March 2024 would not be a qualifying agreement.

As with other agricultural property, the definition extends to woodland that is occupied with the land and the occupation is ancillary to the land.Ìý It also includes farm buildings, cottages, and farmhouses occupied with the land, if they are of a character appropriate (IHTM24303) to the land.