Liaison with Valuation Office Agency and other offices: Milk Quotas - Dairy Farming Companies
Freeholder or tenant
Where the company is a freeholder (in possession or having the right to possession within 12 months) or a tenant, before the company’s interest in land is referred to the Valuation Office Agency (VOA) the parties should be asked for a statement or certificate showing the name of the producer and the amount of the quota registered. This was dealt with by the old Milk Marketing Board before November 1994 and is now the responsibility of Rural Payments Agency of DEFRA (Department for Environment, Food and Rural Affairs). The statement should be attached to the reference to the VOA who will report a combined value for the land and Milk Quota (MQ). Where the landlord’s interest is also being valued for IHT purposes, SAV will be asked by IHT Group for details of the MQ.
Partnership engaged in dairy farming
Where the company is a member of a partnership engaged in dairy farming and the land on which the farming is carried on is owned by the partnership, share valuers should proceed as in the previous sub-paragraph. If any farming takes place on land not owned by the partnership, share valuers should obtain details of any tenancy agreement and MQ and then consult the IHT Technical Group for advice.
Company a sole licensee
Where the company carries on its business wholly or partly on land occupied under a licence, the case should be referred as immediately above before any questions about the MQ are raised.
|Additional Guidance: SVM150000|