New 2015 requirements in tax-efficient farm transfers

The Select Sub-Committee on Finance has progressed the Finance Bill 2014 one step closer to finalisation, with some amendments to the proposed legislative changes on Agricultural Relief.

Agricultural Relief gives a 90% reduction in the value of agricultural property for gift and inheritance tax.

The overriding condition is that the recipient must pass the “farmer test”, having more than 80% of the value of their property in “agricultural property”, in order for agricultural relief to apply.