610-950 Grants of tenancies of agricultural property
Where a tenancy of agricultural property is granted, the effect is to reduce the value of the property itself, although the landlord now, of course, has in addition a right to receive rent from the tenant. Some doubt had arisen as to whether a grant of a tenancy could in itself constitute a transfer of value, especially where, e.g. the landlord and tenant were connected persons. Under IHTA 1984, s. 16, a grant of a tenancy of agricultural property in the UK, the Channel Islands or the Isle of Man for agricultural purposes is not a transfer of value if made for full consideration in money or money's worth.
For the meaning of ‘agricultural property’, see ¶658-200.