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26 January 2006
We act for a farming partnership of two brothers who have recently sold their building for barn conversions and who now just rent out their
70 acres of land for sheep grazing, with one brother living in the farmhouse.
Our queries are as follows.
We act for a farming partnership of two brothers who have recently sold their building for barn conversions and who now just rent out their
70 acres of land for sheep grazing with one brother living in the farmhouse.
Our queries are as follows.
- If the farmhouse is sold we believe that 'main residence relief' is due to one brother but presumably the other brother can only claim non-business asset taper relief on his share because it is jointly owned.
- If the land continues to be grazed with no farmhouse or buildings owned would it still qualify for agricultural property relief?
- If the farmhouse remains with 70 acres of land would both qualify for agricultural property relief?
Readers' comments and thoughts on these questions would be most useful.
Query T16 747 – Bellweather.
Reply by Digby Bew:
Main residence relief should be...
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