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HMRC internal manual

Shares and Assets Valuation Manual

IHT Agricultural Property Relief: Shares or Securities which give control

s.122(1)(b) IHTA 1984

The relief is available only if the shares or securities gave the transferor control of the company immediately before the transfer.

For the meaning of ‘securities’ and ‘control’ and a summary of the shares or securities, which may be taken into account, see Chapter 111 of this manual at SVM111040 and SVM111050 (in connection with BR).



Any suggestion that control for AR can be derived from factors other than shares or securities only, for example, a casting vote and with the Special Commissioners decision in Executors of The Will of Fanny Walker deceased V CIR (SpC00275) particularly in mind, should be referred to the Litigation and Technical Advice Team (LTAT).

Occupation of a property by a company which is controlled by the transferor is treated as occupation by the transferor. Therefore, SAV may be asked to advise whether a transferor had control of a company for the purpose of s.119(1) even when no valuation of shares or securities is involved.

For these purposes, occupation by a subsidiary of a company controlled by the transferor is also treated as occupation by the transferor.

  Additional Guidance: SVM150000