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HMRC internal manual

Inheritance Tax Manual

HM Revenue & Customs
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Value and Valuation: Interaction with exemptions

Agricultural relief reduces the value transferred (IHTM04028) by a transfer of value (IHTM04024). Consequently it is applied before any exemptions are deducted and before the value of any agricultural property that is chargeable to tax is grossed up. (IHTM26101)