IHTA84/S120 contains provisions where, in certain circumstances,
agricultural relief may be allowed on a second transfer even though
the occupation (
IHTM24070) and ownership (
IHTM24100) requirements of IHTA84/S117
are not satisfied. Broadly, the deceased/transferor must have
acquired agricultural property on a death and if they do not meet
the occupation and ownership conditions themselves, the provisions
of IHTA84/S120 will treat the conditions of IHTA84/S117 as
satisfied.
Consequently, the provisions of IHTA84/S120 are not an
alternative to IHTA84/S117 which can be applied without regard to
the requirements of S117. Instead, they apply to treat the
provisions of S117 as satisfied where they would not otherwise be.
In this respect, the provisions of S120 are quite different from
those in IHTA84/S121 which apply to successive transfers. (
IHTM24130)
