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A farmer and his wife farmed in partnership for many years. The farmer died in 2002 and the wife continued the business. In 2006, she sold off most of the farmland and some of the buildings and a capital gains tax computation needs to be prepared. It seems that the gain on the half share previously held by the late husband will be calculated by reference to the value at date of his death, but how is the taper relief calculated?
A farmer and his wife farmed in partnership for many years. The farmer died in 2002 and the wife continued the business. In 2006 she sold off most of the farmland and some of the buildings and a capital gains tax computation needs to be prepared. It seems that the gain on the half share previously held by the late husband will be calculated by reference to the value at date of his death but how is the taper relief calculated? Is it restricted to the 2002 to 2006 period or is the qualifying holding period for this half share modified on the grounds that assets have merged and the value of the asset disposed of is derived to some extent from the half share owned for many years (HMRC's Capital Gains Manual at CG17909) — or am I barking up the wrong taper tree? My concern is...
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