We acted for executors where the farmland in the estate was valued at a relatively low level, but due to activities just before the deceased’s death its market value was vastly more than its agricultural value. If the executors had claimed agricultural relief only the agricultural value of the land would have fallen out of the inheritance tax charge. Our team successfully claimed on their behalf business property relief on the development land, even though the Revenue’s initial view was that on the facts the deceased’s only business was that of holding investments, and therefore outside the relief. The fact that the claim was successful meant a significant saving in inheritance tax.
