A client who for many years owned and ran a farm of around 80 acres has sold the farm and most of the land, retaining around 30 acres and a barn. Of the land retained 25 acres is let for keep, the other 5 are used privately
I am considering my clients IHT position and believe he may still qualify for APR in respect of the 25 acres on the basis that it has been owned for more than 7 years and was farmed by him until recently and is now being occupied by another/others "for the purposes of agriculture".
My question is simply is the letting of grass keep sufficient to be treated as "for the purposes of agriculture" as distinct simply from being rental income?
Following on from this, would there be any benefit in continuing to prepare farm accounts? Would this add any weight to the claim?