Land Gift Value & Probate Application

[JillyCornwall]

I am doing the Probate application for my Mothers estate. Its pretty straightforward apart from a piece of Agricultural Land that is in Mums will but was gifted & transferred into my brothers name back in 2005. Under the 7 year rule this has to be included on the HMR Estate return but I'm not totally clear what I put the value as. The Estate is well below the IHT level. The land has a value of 80,000. Do i take off 6yrs of 3,000 per year (allowed gift value) and put in 62,000? Is that how it works. I've read the HMR website guidelines but get more confused the more i read it, they don't use everyday words. Thanks

[dzug2]

The £3000 a year allowance only applies to gifts of that size - larger gifts count in full with no reduction

[FredPuli43]

The land is, of course, tax free anyway, in nearly all cases, because of 100 per cent agricultural relief . See the HMRC website and search 'agricultural relief'. To that extent, it doesn't matter whether the land passed on death or as a gift between living people.

[JillyCornwall]

Thanks folks, I didn't realize agricultural land was tax free..but it still has to be listed on the HMC estate return as its mentioned...so I guess i put it in at full value.