IHTM24000 - Agricultural relief: contents
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Inheritance tax implications of the AHA 1986 and Agricultural Holdings (Scotland) Act 1991 |
Introduction
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Introduction to agricultural relief |
Overview of agricultural relief
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Outline of the relief |
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General conditions |
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Information sources |
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Reviewing the information. |
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Sole farming businesses |
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Farming partnerships |
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Deceased as landlord |
Unquoted shares
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Introduction |
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Sale within three years of death |
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Rate of relief |
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Occupation and ownership tests |
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Replacements |
Agricultural property
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Definition of agricultural property |
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Definition of agricultural land or pasture |
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Woodlands |
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Buildings used for intensive rearing of livestock or fish |
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Farm cottages |
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Farm buildings |
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Farmhouses |
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Agricultural ‘property’ |
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Scotland |
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Fishing rights |
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Contracts and trusts for sale |
Character appropriate
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Introduction |
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Farmhouses |
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How are the factors to be balanced |
Agricultural purposes
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Introduction |
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Qualifying uses of land |
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Other uses of land |
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Short rotation coppice |
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Set-aside scheme |
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The habitat scheme |
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Countryside stewardship scheme |
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Farm woodland premium scheme and other agri-environmental schemes |
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Stud farms |
Occupation
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Introduction |
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The occupation condition |
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When is property occupied? |
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When is land let on grazing licence? |
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Definition of a lease as opposed to a licence |
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Northern Ireland |
Share farming and contract farming agreements
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Introduction |
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Share farming |
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Contract farming |
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When is property not occupied? |
Occupation of farmhouses, cottages and farm buildings
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Introduction |
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Farmhouses |
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Cottages |
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Farm buildings |
Ownership
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Introduction |
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Meaning of ownership |
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Reversionary interests |
Replacement property
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Introduction |
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Application of IHTA84/S118 |
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Limitation of relief |
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Example of limiting the relief |
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Interaction with business relief |
Successions
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Introduction |
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Application of IHTA84/S120 |
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The occupation requirement |
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Example of the occupation requirement |
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Example of occupation by a company |
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Application with the transitional provisions (working farmer relief) |
Successive transfers
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Introduction |
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Application of IHTA84/S121 |
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The occupation condition |
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Limitations on relief |
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Examples of relief |
The rate of relief
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Introduction |
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Vacant possession and the higher rate of relief |
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Grazing licences and the higher rate of relief |
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Tenancies created on or after 1/9/1995 and the higher rate |
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Vacant possession and ESC F17 |
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Transitional provision for relief (working farmers relief) at the higher rate for let land |
Value and valuation
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Agricultural value of agricultural property |
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Excess of value over agricultural value and Interaction with business relief |
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Treatment of mortgages and debts |
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Partnership interests |
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Buildings and fixtures erected by tenant farmers |
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Interaction with exemptions |
The District Valuer
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Introduction |
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General issues |
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Extent of agricultural property in the estate |
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Investigation of character appropriate prior to VOA referral |
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VOA interim report |
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Role of the DV |
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Character appropriate |
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Additional advice on agricultural property |
Lifetime transfers
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Introduction |
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Transfer of part of an agricultural holding |
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Additional conditions |
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The four additional conditions |
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The original property |
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Where shares or securities are original property |
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Continuing ownership |
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The remaining agricultural property |
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Continuing occupation |
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The transferee |
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Failure to satisfy the additional conditions |
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Replacement property (other than shares or securities) |
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Replacement property (shares or securities) |
Gifts With Reservation (GWRs)
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Introduction |
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Qualifying conditions (excluding shares) |
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Agricultural property at the time of the GWR charge |
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Qualifying conditions for shares and securities |
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Interaction with business relief for shares and securities |
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Notional transfer by the donee |
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Disposal of gifted property by the donee |
Agricultural tenancies
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Introduction |
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Overview of the legislation 1948 to 1995 |
Agricultural Holdings Act (AHA) 1986
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What is an agricultural holding? |
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The protected tenancy |
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Extension to statutory protection |
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Exceptions to statutory protection |
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Security of tenure |
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Sub-tenancies of agricultural land |
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Succession to agricultural holdings |
Inheritance tax implications of the AHA 1986 and Agricultural Holdings (Scotland) Act 1991
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Introduction |
Agricultural Tenancies Act (ATA) 1995
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Introduction |
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Tenancies excluded from the 1995 Act |
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The contract of an ATA 1995 Act tenancy |
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Inheritance tax implications of the ATA 1995 |
Other issues
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Milk quotas |
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Valuing milk quotas |
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Sugar beet quotas |
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Comparison with the income provisions (for farming and exploitation) |
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Single payment scheme |
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Form IHT414 |
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European Economic Area (EEA) - transfers of value on or after 22nd April 2009 |
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European Economic Area (EEA) - retrospective application for transfers of value before 22 April 2009 |
