Agricultural property relief (APR)
A relief from inheritance tax ( www.practicallaw.com/3-382-5648) . When the conditions for the relief are met, it reduces the agricultural value of any transfers of value ( www.practicallaw.com/2-382-5979) (broadly, gifts) of agricultural property made in a person's lifetime or on death. The rate of relief is usually 100% of the agricultural value, except for agricultural property subject to a tenancy that commenced before 1 September 1995; in this case 50% relief usually applies (although there are some exceptions).
For more information, see Practice note, Inheritance tax agricultural property relief: overview ( www.practicallaw.com/9-383-4485) .