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08 March 2011
The taxpayers own and live on a small-holding where farming is carried on, but at a loss. A substantial offer has been made to purchase part of the property for a housing development
We act for a couple in their late 60s who own and live on a farm which is a small holding of about 15 acres.
The level of farming has reduced considerably over the years (they previously had other income from a business which they sold some years ago) and income is derived primarily from the sale of hay and specialist thatching straw.
The gross income is in the region of £3 000 to £5 000 per annum.
Part of the farm was gifted to them and comprised of six acres with potential for industrial planning although they have always used it as part of the farm.
The value put on the six acres at the time of gift in November 1994 to reflect the planning value was £82 000.
Our clients have been approached to sell the six-acre field for a sum approaching £1.8...
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