Inheritance Tax Act 1984 (c. 51)

PART I U.K. GENERAL

Dispositions that are not transfers of value U.K.

16 Grant of tenancies of agricultural property. U.K.

(1) The grant of a tenancy of agricultural property in the United Kingdom, the Channel Islands or the Isle of Man for use for agricultural purposes is not a transfer of value by the grantor if he makes it for full consideration in money or money’s worth.

(2) Expressions used in subsection (1) above and in Chapter II of Part V of this Act have the same meaning in that subsection as in that Chapter.