I act for a farming partnership, which is comprised of two brothers and their wives, and one of their sons. The assets of the partnership include two separate farms (although the results of both are combined when the business accounts are produced). The assets are:
I act for a farming partnership which is comprised of two brothers and their wives and one of their sons. The assets of the partnership include two separate farms (although the results of both are combined when the business accounts are produced). The assets are:
- two working farmhouses;
- cottages with agricultural ties (although in recent years the cottages have not actually been occupied by people working in agriculture;
- a number of farm buildings which the partners are currently considering development into industrial units for renting out; and
- two properties upon which the farm receives a rent but which are not involved in agriculture.
I would appreciate Taxation readers' opinions as to what extent the partnership assets are covered by agricultural or business property relief for inheritance tax purposes in the event of the death of one of the partners.
I look forward to...
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