IHTM24023 - Unlisted shares:
Occupation and ownership tests
IHTA84/S123 (1)(a) states that for the relief to apply the
company must show that it has
- occupied the agricultural property for the
purposes of agriculture (
IHTM24060) throughout the two years
prior to the date of transfer, or
- owned the agricultural property throughout
the seven years prior to the date of transfer and that it was
occupied (by the company or another) for the purposes of
agriculture during that period.
Occupation by a person who subsequently controls the company is
treated by IHTA84/S123 (5) as occupation by the company.
IHTA84/S123 (1)(b) requires that the transferor must have
owned the transferred shares or securities for two or seven years
as appropriate.
