Section 117 Minimum period of occupation or ownership.

Subject to the following provisions of this Chapter, section 116 above does not apply to any agricultural property unless—

(a)

it was occupied by the transferor for the purposes of agriculture throughout the period of two years ending with the date of the transfer, or

(b)

it was owned by him throughout the period of seven years ending with that date and was throughout that period occupied (by him or another) for the purposes of agriculture.

Notes on the whole Act

Textual amendments

F1: By Finance Act 1986 s. 100(1), on and after 25 July 1986 the Capital Transfer Tax Act 1984 may be cited as the Inheritance Tax Act 1984.

Notes on Chapter II

Modifications

C1: See Part IIof this volume—Finance Act 1975 Sch. 8—for the transitional relief provisions under Finance Act 1981 s. 96and Sch. 14.
C2: Pt. 5 Ch. 2 modified (temp.) (retrospective to 30.10.2024) by Finance Act 2026 (c. 11), Sch. 12 para. 15