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Inheritance Tax Act 1984
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177 Scottish agricultural leases.U.K.
(1)Where any part of the value of a person’s estate immediately before his death is attributable to the interest of a tenant in an unexpired portion of a lease for a fixed term of agricultural property in Scotland then, subject to subsection (3) below, there shall be left out of account in determining that value any value associated with any prospect of renewal of the lease by tacit relocation.
(2)Where any part of the value of a person’s estate immediately before his death is attributable to the interest of a tenant of agricultural property in Scotland, being an interest which is—
(a)held by virtue of tacit relocation, and
(b)acquired on the death by a new tenant,
then, subject to subsection (3) below, the value of the interest shall be left out of account in determining the value of that estate.
(3)Subsections (1) and (2) above shall not apply unless the deceased had been tenant of the property in question continuously for a period of at least two years immediately preceding his death or had become tenant by succession.
(4)The value to be left out of account by virtue of subsection (2) above shall not include the value of any rights to compensation in respect of tenant’s improvements.
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