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26 August 2008
Will the sale of farm land qualify for entrepreneurs' relief?
We act for a tenanted farming partnership (mother and son), which has just ceased milk production and which now relies on rearing beef animals and the single farm payment. The mother owns 40 acres of land, which is used in the business and she wishes to sell this and then give the proceeds to the son to buy a house, although the business will continue.
Will the mother qualify for the new entrepreneurs' relief if she retires from the business at the same time as the land sale? We would welcome comments on this.
Query 17,262
