Section B - Case 3 (Oakfield Farms)

Arthur owned Oakfield Farms. He died in November 2023. He had owned the agricultural land for 5 years. For the first 3 years, he rented it out to a local farmer. For the last 2 years before his death, Arthur farmed the land himself.

Does the agricultural land qualify for Agricultural Property Relief (APR) for Inheritance Tax purposes?

To qualify for Agricultural Property Relief (APR), the agricultural property must have been either: 1) owned and occupied by the transferor for agricultural purposes for at least two years immediately before the transfer (death), OR 2) owned by the transferor for at least seven years and occupied by someone for agricultural purposes throughout that period. Since Arthur farmed it himself for the last 2 years, he meets the first condition.