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bigduckontax
bigduckontax, Accountant
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Carrying on from this scenario. what if the mother bequested

Customer Question

Carrying on from this scenario.
what if the mother bequested her shares back to the son.
what is the impact in regards ***** ***** tax.
please do take care that this is shares in a farm.
thanks
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 help you with your question. The process is entirely reversed and in the long term the shares will be aggregated with her estate for IHT purposes. Providing she has occupied the land for a minimum of two years the Agricultural Relie woll apply viz [source: uk Gov Web site]: 'Agricultural property that qualifies for Agricultural Relief [at 100%] is land or pasture that is used to grow crops or to rear animals intensively. It also includes:growing cropsstud farms for breeding and rearing horses and grazingtrees that are planted and harvested at least every 10 years (short-rotation coppice)land not currently being farmed under the Habitat Schemeland not currently being farmed under a crop rotation schemethe value of milk quota associated with the landsome agricultural shares and securitiesfarm buildings, farm cottages and farmhouses' I do hope that my reply has been of assistance.
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

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