There is no provision similar to s.123(5) regarding ownership of
land and, therefore, a company is not treated as owning land at any
time when the land was owned by a person who subsequently controls
the company.
It follows that, where the company owns agricultural land
and the land has been let from year to year under a tenancy which
commenced more than seven years before the transfer date, there is
no relief unless the company has owned the land continuously for
seven years at least.
It also follows that the company must have been in existence
for seven years at least (otherwise, it could not have owned the
land for seven years) - s.123(a)(ii).
The identity of the occupier is not material but the
continuity of such occupation is vital.
For this purpose, ownership is considered to mean beneficial
entitlement.
For further information see IHTM24121 et seq.
| Additional Guidance: SVM150000 |
