IHTA84/S124B relaxes the conditions in IHTA84/S124A and will apply in the situation where the transferee (IHTM24179) has sold all or part of the original property (IHTM24174) before the death of the transferor and reinvested the whole of the proceeds in the purchase of other qualifying agricultural property – ‘the replacement property’. This does not include shares in agricultural companies within IHTA84/S122. Different parts of the property can be replaced at different times but there cannot be replacement from any replacement property to further property.

The conditions for IHTA84/S124B to apply are that

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

No subscription?

Contact us to discuss your requirements.