IHTM24022 | Unlisted shares: Rate of relief
From HM Revenue & Customs · Inheritance Tax Manual
gives relief at 100% under where
the company’s interest in the agricultural property () carries the right to vacant possession () (or the right to obtain it within 12 or 24 months), or
if the transitional provisions apply
and at 50%, in other situations.
For deaths on or after 6 April 2026, and transfers made on or after 30 October 2024 and within 7 years of such a death, relief at 100% will be limited to £2.5m with the possibility of increasing to a maximum of £5m if the deceased survived a spouse or civil partner who did not use all their allowance. See for more information.