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We have recently been instructed by a farming partnership of father, mother and son. The farmland is owned personally by father and farmed by the partnership. The son applied for and obtained planning permission, subject to an agricultural restriction, to build a dwelling on land owned by father. The son went ahead with the construction, which he funded personally, and the work was completed in 2000. Son now lives in the dwelling with his wife and children.
We have recently been instructed by a farming partnership of father, mother and son. The farmland is owned personally by father and farmed by the partnership. The son applied for and obtained planning permission, subject to an agricultural restriction, to build a dwelling on land owned by father. The son went ahead with the construction, which he funded personally, and the work was completed in 2000. Son now lives in the dwelling with his wife and children.
Father and son want to bring the land upon which the dwelling stands, together with a reasonable garden area, into the personal ownership of the son. Can readers suggest the most efficient way of achieving this both from an IHT and CGT point of view?
(Query T16,558)
