Cheap, cheap?

Mr Twigg’s company purchased a plot of land with an agricultural building for business use as arboriculturalists. The company got into difficulties and to realise funds Mr Twigg sold his own home and bought a mobile home which he moved onto the plot.

He lived in the mobile home on the site with Mrs Twigg and their two ‘twiglets’. Two years later the company was closed down and the land was sold to the directors Mr and Mrs Twigg at market value.

Four months later an opportunity arose to sell the land to an unconnected company at a profit in excess of the capital gains tax annual exemption.

In the meantime while still living there Mr and Mrs Twigg had been using the site for the business of chicken farming and log production so there is some continuing...