»Ê¹ÚÌåÓýapp

If the partnership occupied land under a tenancy or licence and there was any dairy farming taking place on the land, you should investigate the value of the milk quota (IHTM24251) in certain circumstances: »Ê¹ÚÌåÓýapp tenancy of land with the benefit of milk quota will be an asset of the partnership, and it will be the transferor’s interest in that partnership which will be business property within IHTA84/S105 (1)(a). »Ê¹ÚÌåÓýapp value of the milk quota will only be required if business relief is not available or restricted because either:

• IHTA84/S106 is not satisfied; or
• the milk quota has been let away in the circumstances described in (IHTM24251)

which would quite clearly result in a situation where neither business relief nor agricultural relief would be available.

»Ê¹ÚÌåÓýapp same principles can apply to a sole trader business (IHTM25082), and when this is the case the milk quota will be an asset of the business which does not qualify for relief.

Milk quota ended on 31 March 2015 so this uncommon situation will become increasingly rare.