SVM112030 - IHT Agricultural Property Relief: Rates of Relief

The rates of relief are

100% if

  • the company바카라 사이트檚 interest in the agricultural property immediately before the transfer was valued with vacant possession or
  • the land was let on a tenancy beginning on or after 1 September 1995

50% in all other cases.

Vacant Possession

If

  • a company owns and occupies land for the purposes of agriculture without any intervening interests or
  • another person occupies it under a licence which is incapable of conversion into a protected tenancy under the Agricultural Holding Acts (for example a grazing licence for less than a year),

the company is regarded as having the right to vacant possession and the property is valued on that basis.

Higher (vp) Rate

The higher (vacant possession) rate also applies to let land if the company바카라 사이트檚 interest in the property is,

  • though let, valued at an amount broadly equivalent to the vacant possession value of the property, or
  • carries a right to vacant possession within twenty-four months of the date of the transfer.

Package Valuations (Higher Rate)

Cases where

  • a company owns land and lets it to the transferor or to 바카라 사이트渞elated바카라 사이트� persons or organisations and
  • the transferor바카라 사이트檚 interests and any 바카라 사이트渞elated바카라 사이트� interests are packaged with the shares

should be referred to the Litigation and Technical Advice Team.

Joint Property

Where agricultural property is owned jointly by the company and others with similar interests, the company is regarded as having the right to vacant possession, if the interests of all the co-owners together carry that right.

Additional Guidance: SVM150000