½Û×ÓÊÓƵ

For the latest New Development, see ND.2740.

APR is an important relief from inheritance tax for landowners. It is available for transfers by individuals in lifetime and on death and also on transfers by trustees. For its application to trustees see I7.351–I7.354.

It reduces the value transferred by either 100% or 50% of the agricultural value of agricultural property (situated in the UK, Channel Islands, Isle of Man or EEA until 5 April 2024 and thereafter just in the UK). Agricultural property includes agricultural land or pasture, ancillary woodlands, ancillary buildings for the intensive rearing of livestock and cottages, farm buildings and farmhouses of a character appropriate to the property. For detailed coverage of the meaning of agricultural property and agricultural value see I7.305–I7.308. It can also apply to controlling shareholdings