Introduction Summary
1.Section 122 provides that the existing inheritance tax reliefs for agricultural property and woodlands are extended to property in the European Economic Area (EEA) when an event chargeable to inheritance tax (IHT) occurs. Property qualifying for this extended IHT relief will also qualify for capital gains tax (CGT) hold-over relief.
2.The extension of agricultural property relief (APR) and woodlands relief (WR) also applies where IHT was due or paid on or after 23 April 2003. CGT hold–over relief in respect of disposals of agricultural property located in a qualifying EEA state in the past will also be possible.