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Client non farmer confident that he will pass the 80% farm asset test after receipt of inheritance. He is not a farmer, does not already own a farm but is willing to lease the land to a qualifying active farmer on receipt of the inheritance which has yet to go to probate. If he satisfies the 80% agri assets after transfer and leases all of the land to a qualifying active farmer does agricultural relief apply to the inheritance. While I reckon he is entitled to agricultural relief confirmation would be appreciated.

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Posted by (Questions: 16, Answers: 1)
Asked on 5 September 2019 4:12 pm
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Yes he can qualify if he leases the property to someone who farms the agricultural property on a commercial basis for at least six years from that date. Additionally, the leasee must either have an agricultural qualification or farm the agricultural property for at least 50% of his or her normal working hours.
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Posted by (Questions: 16, Answers: 700)
Answered on 6 September 2019 9:36 pm