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Landed estates


Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
tag-icon Autumn Budget 2024

Landed estates


Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
tag-icon Autumn Budget 2024
imgtext

This guidance note looks at aspects of IHT planning in relation to landed estates.

Characteristics

The term ‘landed estate’ refers to a large house in the country with an extensive area of land around it. Typically, the estate will cover farming and business interests as well as residential accommodation for the owner and tenants. Landed estates may include parkland, woodlands, and property of historical and cultural importance.

A range of inheritance tax reliefs are relevant:

  1. •

    Agricultural property relief (APR)

  2. •

    BPR overview

  3. •

    Heritage property ― conditional exemption

  4. •

    Woodlands

Detailed conditions for these individual reliefs and planning points are found in the guidance notes indicated.

Almost by definition, the major part of the wealth in a landed estate will be held in its land and buildings. Traditionally, the property will have been passed down through generations of the same family, and there will be an expectation, or at least a hope, that the estate can be held together as a single entity. In this context, relief from inheritance tax on a

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  • 01 Nov 2024 07:10

Home/ Tolley Tax Guidance/ Trusts and Inheritance Tax / IHT planning

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