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Agricultural Property Relief
Business property relief (BPR) allows you to minimise or entirely void the amount of Inheritance Tax (IHT) that is owed on the value of your business when you die. The main qualifying condition of business property relief is that you must prove at least two years’ ownership of the business and property.
Agricultural property relief (APR) operates under the same principle and allows qualifying farmers to pass their business on with minimal or no IHT payments. This increases your chances of giving your farm to the next generation intact.
You do not need to be involved in farming to qualify for APR, as the relief can also apply if you own the following types of property:
- Buildings used for livestock or fish
- Cottages and farm buildings
- Land and buildings dedicated to wildlife habitats
- Short rotation coppice
- Stud farms
- Woodland occupied with agricultural land and pasture
- Land farmed by someone else
How JMW Can Help
We will determine whether or not you are entitled to either BPR or APR, and guide you through the measures you need to implement to ready your business, farm or agricultural property for IHT relief. Our experts will examine conditions that may risk qualification. For example, only 50% APR will apply if the land is tenanted and the tenancy took place after 1st September 1995 and has at least two years remaining prior to the date of death.
There are also conditions that HMRC applies to farmhouses, cottages and farm buildings, which our experts will explore when determining your entitlement to APR.
We work to secure the maximum IHT relief possible, whether you are looking to make a lifetime gift of your business farming assets or to pass it onto the next generation after your death.