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INHERITANCE TAX

Extension of Agricultural Property and Woodlands Relief

Finance Bill 2009 will introduce legislation to extend inheritance tax (IHT) agricultural property relief and woodlands relief from 22 April 2009 onwards to property in the European Economic Area (EEA). Any IHT due or paid from 23 April 2003 will become eligible for relief by claim from 21 April 2010. Property qualifying for this extended IHT relief will also qualify for capital gains tax hold-over relief, as will disposals of such agricultural property in the past including property farmed by a person other than the owner. Claims for hold-over relief relating to 2003/04 can be made until 31 January 2010 and for the years 2004/05 and 2005/06 prior to 1 April 2010.