Farmhouses, farm cottages and CGT deferment reliefs
Farmhouses, farm cottages and CGT deferment reliefs
- 2005
- Farm Tax Brief 20(1) February 2005, 1-2(2) .
Provides insights into the peculiarities of the Inheritance Tax relief for agricultural residential property and the relatively straightforward Capital Gains Tax (CGT) treatment of agricultural residential property and other assets passing on death. Discusses the case for making lifetime transfers of farmhouses and cottages and the procedures involved in doing this in varying circumstances. Concludes that currently farmers and other owners of agricultural property can make gifts of agricultural residential property without suffering an immediate CGT liability or removing the donee's right to claim the CGT private residence exemption in the future.
AGRICULTURAL PROPERTY
TAX RELIEF
FARM HOUSES
FARM COTTAGES
CAPITAL GAINS TAX
INHERITANCE TAX
INHERITANCE TAX ACT 1984
TAXATION OF CHARGEABLE GAINS ACT 1992
Provides insights into the peculiarities of the Inheritance Tax relief for agricultural residential property and the relatively straightforward Capital Gains Tax (CGT) treatment of agricultural residential property and other assets passing on death. Discusses the case for making lifetime transfers of farmhouses and cottages and the procedures involved in doing this in varying circumstances. Concludes that currently farmers and other owners of agricultural property can make gifts of agricultural residential property without suffering an immediate CGT liability or removing the donee's right to claim the CGT private residence exemption in the future.
AGRICULTURAL PROPERTY
TAX RELIEF
FARM HOUSES
FARM COTTAGES
CAPITAL GAINS TAX
INHERITANCE TAX
INHERITANCE TAX ACT 1984
TAXATION OF CHARGEABLE GAINS ACT 1992