IHT agricultural property relief for farmhouses
IHT agricultural property relief for farmhouses
- 2003
- Farm Tax Brief August/September 2003, 4-5(2) .
Examines the case Rosser v Inland Revenue Commissioners [2003] SpC 368, [2003] STI 1152 where the Special Commissioners had to judge whether the farmhouse involved qualified for the IHT relief for agricultural property by 'of a character appropriate to the property'. In this case the house had been used a retirement home for the deceased and her husband and not as a farmhouse. Highlights the complications that could arise where a farmer gifts land but retains ownership of the house and where a farmer retires.
ROSSER V INLAND REVENUE COMMISSIONERS
FARMHOUSES
AGRICULTURAL PROPERTY RELIEFS
TAX RELIEF
AGRICULTURAL PROPERTY
INTERPRETATION ACT 1978
INHERITANCE ACT 1984
STARKE V COMMISSIONERS OF INLAND REVENUE
Examines the case Rosser v Inland Revenue Commissioners [2003] SpC 368, [2003] STI 1152 where the Special Commissioners had to judge whether the farmhouse involved qualified for the IHT relief for agricultural property by 'of a character appropriate to the property'. In this case the house had been used a retirement home for the deceased and her husband and not as a farmhouse. Highlights the complications that could arise where a farmer gifts land but retains ownership of the house and where a farmer retires.
ROSSER V INLAND REVENUE COMMISSIONERS
FARMHOUSES
AGRICULTURAL PROPERTY RELIEFS
TAX RELIEF
AGRICULTURAL PROPERTY
INTERPRETATION ACT 1978
INHERITANCE ACT 1984
STARKE V COMMISSIONERS OF INLAND REVENUE