Hanson v Revenue and Customs: FTTTx 31 Jan 2012

INHERITANCE TAX – deemed transfer on death – deceased’s estate included a farmhouse – whether the Appellant, who had been in occupation of the farmhouse at the date of the death and for some years prior thereto and had incurred expenditure on the farmhouse, had acquired an equitable interest in the farmhouse such as to reduce or eliminate the value attributable thereto which ought to be included in the deceased’s estate – held, no – whether the farmhouse was agricultural property within section 115(2) Inheritance Tax Act 1984 – nature of the nexus required between a farmhouse and the agricultural land or pasture etc. in the definition – whether such nexus was occupation and ownership or only occupation – held, the nexus is only occupation – Special Commissioner’s decision in Rosser v IRC [2003] STC (SCD) 311 not followed – appeal allowed

[2012] UKFTT 95 (TC), [2012] SFTD 705, [2012] STI 1388, [2012] WTLR 597
England and Wales

Inheritance Tax

Updated: 10 January 2022; Ref: scu.451936