Diversification and the loss of agricultural property relief
Diversification and the loss of agricultural property relief
- 2001
- Farm Tax Brief 16(4) April 2001, 22-23(2) .
Considers how attempts at farm diversification, such as adapting farmhouses for holiday lettings or business use could result in the loss of Agricultural Property Relief, as set out in the Inheritance Tax Act 1984. Highlights that Business Property Relief is an option for farmers directly involved in certain types of non-agricultural business, but this may only be available at a 50% rate and not all ventures would qualify. Discusses the case of "Special Commissioners in Farmer v IRC"
INHERITANCE TAX
FARMHOUSES
HOLIDAY LETTINGS
INHERITANCE TAX ACT 1984
BUSINESS PROPERTY RELIEFS
AGRICULTURAL PROPERTY RELIEFS
SPECIAL COMMISSIONERS IN FARMER V IRC
FARM DIVERSIFICATION
Considers how attempts at farm diversification, such as adapting farmhouses for holiday lettings or business use could result in the loss of Agricultural Property Relief, as set out in the Inheritance Tax Act 1984. Highlights that Business Property Relief is an option for farmers directly involved in certain types of non-agricultural business, but this may only be available at a 50% rate and not all ventures would qualify. Discusses the case of "Special Commissioners in Farmer v IRC"
INHERITANCE TAX
FARMHOUSES
HOLIDAY LETTINGS
INHERITANCE TAX ACT 1984
BUSINESS PROPERTY RELIEFS
AGRICULTURAL PROPERTY RELIEFS
SPECIAL COMMISSIONERS IN FARMER V IRC
FARM DIVERSIFICATION