agricultural property relief


agricultural property relief
An inheritance tax relief available on the transfer of agricultural property when certain conditions are met. Since March 1992 the relief has been at a rate of 100% or 50%. The 100% rate applies if the transferor has vacant possession of the property or the right to vacant possession within the following 12 months; it may also apply if the property was let after 31 August 1995. Otherwise the 50% rate applies.

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