Division I7.4 updated by
Malcolm Gunn, CTA
For updates affecting this Division please see Part I0 Updates
IHT treatment of non-agricultural woodlands
I7.401 IHT treatment of non-agricultural woodlands—overview
An election can be made which enables the IHT chargeable on death in respect of growing timber and underwood which does not qualify for agricultural property relief (APR — see I7.305) to be deferred until sale. The relief1 is only available on death and does not extend to the IHT in respect of the land upon which the trees are growing. The relief is given by leaving the value of the timber out of account in determining the value transferred on the death. The value of the timber is not then taxed until the timber, or any interest in it, is disposed of.
There are rules relating to:
- Ìý
•ÌýÌýÌýÌý the nature and conditions of the relief — I7.402 and I7.403
- Ìý
•
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 16:53