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100% relief on vacant possession land

Where agricultural property qualifies for APR, in relation to a transfer after 9 March 1992, there is 100% relief if the transferor's interest in the property, immediately before the transfer, carries the right to vacant possession or the right to obtain it within the next 12 months¹.

There is an important HMRC concession which extends the scope of 100% relief². On a transfer of tenanted agricultural land HMRC accepts that the condition regarding vacant possession which qualifies agricultural property for 100% relief³ is satisfied where the transferor's interest in the property either:

1. Ìý

   •ÌýÌýÌýÌý carries a right to vacant possession within 24 months of the date of the transfer, or

2. Ìý

   •ÌýÌýÌýÌý is, notwithstanding the terms of the tenancy, valued at an amount broadly equivalent to the vacant possession value of the property

The first condition applies where there is a right to terminate an agricultural tenancy but the Agricultural Holdings Act 1986 would