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Is there a minimum holding for BPR and APR?

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Deceased owned 50% share of farm land which was farmed by a family trading partnership in which the deceased was a 9% partner. The deceased has owned her 50% of the farm for decades and has been a partner in the trading partnership for decades. The solicitor is completing the IHT forms and is concerned the estate won't qualify for APR land/buidings or BPR on the stock/equipment.

My understanding is there is no minimum holding for APR. If the deceased only owned 1% share of the farm that would qualify provided the normal APR conditions are met (owned 2 years if farmed in hand or 7 years otherwise).

Similary I understand there is no minimum holding for BPR.

As far as I can see, the only issue is the APR will only cover the agricultural value of the land/buidings and that any development value would only qualify for 50% BPR because the land/buildings are owned by the deceased and her son and not by the whole trading partnership.

I'd appreciate your comments, thanks.

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By MJShone
14th Nov 2019 10:23

I agree with you Kevin. As long as all the other conditions are met, it doesn't matter that the deceased was a 9% partner.

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