What if business property replaces agricultural property?
If business property replaces agricultural property which is part of a farming business, the period of ownership of the original property will be relevant for working out the minimum ownership condition to the replacement property. Business relief will be available on the replacement if all the conditions for that relief are satisfied. If a farming business is replaced by a non-agricultural business property, and the former is not eligible for agricultural relief, business relief may be claimed instead if the conditions for that relief are satisfied. More about business relief. There are exceptions to this; for example, if agricultural land is not part of a farming business any replacement can only qualify for business property relief if it satisfies the minimum ownership conditions in its own right.
