What is agricultural relief?
Agricultural value means the market value of agricultural property reduced by 90% of that value.
An individual is a farmer for CAT purposes if 80% or more of the market value of the property to which he is beneficially entitled in possession on the valuation date consists of agricultural property (note: market value in this regard means market value before deducting any debts or incumbrances). In this regard, he is treated as beneficially entitled in possession to:
(i) property in which he has a future interest (for example, a pension fund), and
(ii) property which is subject to a discretionary trust hehas created, If he is a beneficiary of the trust.
A person who takes agricultural property consisting solely of trees or underwood, does not need to meet this strict definition of farmer.
Agricultural property means:
(a) agricultural land, pasture and woodland situate in the EU,
(b) crops, trees and underwood growing on such land,
(c) farm buildings, farmhouses, and mansion houses of character appropriate to the property,
(d) farm machinery, livestock, and bloodstock on such land,
(e) the EU Single Farm Entitlement.