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Article: Inheritance tax relief faces double threat
- Article from:
- Western Morning News, The Plymouth (UK)
- Article date:
- March 18, 2009
CopyrightCopyright 2009 Western Morning News, The Plymouth (UK). Provided by ProQuest LLC. (Hide copyright information)
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F armers are facing another threat to the Inheritance Tax reliefs
they enjoy. Inheritance Tax is payable on death at a rate of 40 per
cent on the value of assets owned.
Agricultural property relief, or APR as we accountants call it,
when available, reduces the value of assets in someone's estate and
results in less Inheritance Tax payable.
Broadly speaking, getting APR on the value of a farm, including
farmland, buildings and a farmhouse can result in minimal
Inheritance Tax payable on the farm. This means that farms can be
passed down generations without large tax bills on the value of the
assets. Needless to say, this is an extremely important form of tax
relief.
The threats to APR are ...