Passing on land

[wonkygorgeous]

I have a 12 acre field and wish to pass this to my children in my will.

Does anyone know if this is inheritance tax exempt or know the changes that need to be made over time for it to become inheritance tax exempt?

I was told it could be but I can't find small print confirming this.

At the moment it is rented out has a variety of animals grazing it plus stables and store rooms.

Someone suggested if sheep grazed it, it would become tax exempt in time.

If in England and Wales then you might want to read on Agricultural Relief.

No idea.
But get legal advice would be my best advice.

Or accountant, or ask a land agent.

Or gift it more than seven years before you plan to die :)

There is relief from Inheritance Tax for agricultural property that meets various tests but it is a compicated area - basic broadbrush outline here but if you want to look into it further get an accountant or solicitor with experience in dealing with farms

www.gov.uk/guidance/agricultural-relief-on-inheritance-tax