How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3816
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

L have 75 acres of land since i retired after farming the land

Customer Question

l have 75 acres of land since i retired after farming the land for 30 years let the land on an agricultre bussines tenancy for 3 years can ì have 100% relief on death
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to assist you with your question. Agricultural Relief is quite complex, there are e lot of hoops to go through, and you can read all about it here: https://www.gov.uk/agricultural-relief-on-inheritance-tax Here are the key points: 'The property must have been owned and occupied for agricultural purposes immediately before its transfer for:2 years if occupied by the owner, a company controlled by them, or their spouse or civil partner7 years if occupied by someone else'As you have owned for 30 years you should satisfy this first condition. I do hope I have shed some light on the position.

Related Tax Questions