I own 70 acres of land which I rent out. Because I do not farm it myself, is the land subject to inheritance tax when I die and if so, is there anything I can do about it?

Year Published: 2016

If the land is part of a working farm, it is likely to qualify for Agricultural Property Relief, either in part or in full, which could save inheritance tax even where you are renting it out. The qualification for Agricultural Property Relief is that you must have owned it for at least seven years before you die. If you have been renting it out since before September 1st 1995 it may only qualify for 50% relief. Inheritance tax is a complicated area so it is always advisable to seek legal advice.

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