ACCA · Question 21 · Inheritance tax
Section B - Case 2: Bramble Farms
Arthur owns Bramble Farms, a working agricultural estate. He decides to gift the entire estate to his daughter, Beatrice, during his lifetime. The estate includes agricultural land, a farmhouse occupied by Arthur, and various farm machinery.
For Inheritance Tax (IHT) purposes, what condition must the farmhouse meet to qualify for Agricultural Property Relief (APR)?
Answer options:
It must be used exclusively for business meetings.
It must be of a character appropriate to the agricultural land.
It must have been owned for at least 5 years.
It automatically qualifies if located on the farm.
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