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APR and replacement property—ownership

If the property in question replaced other agricultural property within the seven year period, the period is extended and the transferor's combined ownership of both properties has to comprise a total of seven years out of the ten years immediately preceding the date of transfer¹. If the replaced property itself replaced other property, combined ownership of the three properties is counted, and so on. Throughout the qualifying period of seven years the property must have been occupied for agricultural purposes either by the transferor or another.

Where agricultural property which is part of a farming business is replaced by non-agricultural business property, the period of ownership of the original property will be taken into account to establish whether the ownership condition for business property relief is satisfied. However,