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My clients are two sisters, who were the joint owners of a plot of farmland in Northern Ireland. This land had been transferred into their joint names by their mother in May 1997, with the understanding that the mother would continue to receive the letting income as long as she lived. The sisters sold the land during the year ended 5 April 2006 and I am unsure of the capital gains tax taper relief that is due.
My clients are two sisters who were the joint owners of a plot of farmland in Northern Ireland. This land had been transferred into their joint names by their mother in May 1997 with the understanding that the mother would continue to receive the letting income as long as she lived. The sisters sold the land during the year ended 5 April 2006 and I am unsure of the capital gains tax taper relief that is due.
The land was let in conacre — a yearly letting of farmland in Northern Ireland — annually by the mother of the two sisters. She is a pensioner with no other income apart from the land lettings. As I do not act for the mother I am unsure of her tax situation but I do believe that if this income was assessed on her together with her state...
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