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HMRC internal manual

Inheritance Tax Manual

From
HM Revenue & Customs
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Other issues: Sugar Beet Quotas

The value of Sugar Beet Quotas - more correctly described as contracts between British Sugar and the farmer - normally have no significant value. The contract could be cancelled by British Sugar when the occupier of the land changed.

However, the Sugar Beet Outgoers Scheme, lasting from 23 July to 15 October 2001 created a market in Sugar Beet Contracts for that period. This was the first in a series of similar initiatives resulting from the EU Decision to restructure the Sugar Market, which included factory closures in Shropshire and York. In such circumstances a Sugar Beet Contract may have value for Inheritance Tax purposes although it is likely that Business Property Relief will also apply. In cases which involve these circumstances you should seek guidance from Technical in Nottingham, as values are highly dependent on the dates and circumstances of the particular re-structuring scheme.