I own 70 acres of land which I rent out. Because I do not farm it myself, is the land subject to inheritance tax? And if so, is there anything I can do about it? Who is best to advise me, a solicitor or an accountant?
If the land is part of a working farm, it is likely to qualify for Agricultural Relief from inheritance tax at 100% even where you are renting it out. The qualification is that you must have owned it for seven years before you die (and if you have been renting it out since before September 1st 1995 it may only qualify for 50% relief). It’s not totally straightforward, and if you are concerned about inheritance tax generally I suggest you see a solicitor specialising in this area at least initially.