Gains tax payable on farm land
Gains tax payable on farm land
- 1988
- Times 22/7/88 p31 .
In Atkinson (Inspector of Taxes) v Dancer & Mannion (Inspector of Taxes) v Johnston , QBD 8 July 1988, it was held that retirement relief from capital gains tax was not available to two farmers on the sale of areas of land used in their farming businesses, because for the purposes of the Capital Gains Tax Act 1979 s124 in neither case had the sale of the land caused such an interference with their farming activity as to amount to a disposal "of the whole or part of a business".
In Atkinson (Inspector of Taxes) v Dancer & Mannion (Inspector of Taxes) v Johnston , QBD 8 July 1988, it was held that retirement relief from capital gains tax was not available to two farmers on the sale of areas of land used in their farming businesses, because for the purposes of the Capital Gains Tax Act 1979 s124 in neither case had the sale of the land caused such an interference with their farming activity as to amount to a disposal "of the whole or part of a business".