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Agricultural property relief now applies across the EEA. PENELOPE LANG explains the benefits
KEY POINTS
- Strict rules apply to agricultural property relief.
- APR must apply to property EU-wide.
- Holdover relief may also be available.
- Next deadline for claims is 21 April 2010.
Agricultural property relief is very valuable to farmers and landowners. It has the distinctive feature that it is the only relief which can provide relief for dwelling houses and as well to landowners who are letting their property.
Prior to 22 April 2009 the relief was limited to land in the UK Channel Islands and the Isle of Man (IHTA 1984 s 115(5)) while in contrast business property relief is available on a worldwide basis.
Unsurprisingly APR is available on ‘agricultural property’ which is property agricultural land buildings used for agriculture and cottages and farmhouses...
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