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Farming finish

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26 July 2011
Issue: 4314 / Categories: Forum & Feedback
The partners in a farming partnership wish to cease trading, sell their land and retire. A purchaser has been found, but although willing to sign an unconditional contract now, he will be unable to complete the purchase until 2012

Our clients are farmers who have reared livestock for many years on the land they own but they now wish to sell their farm and retire.

A purchaser has finally been found for the farm; however due to existing commitments he would be unable to complete the purchase until 2012 although he is happy to enter into an unconditional contract in July 2011 with completion in spring 2012.

Fears have been expressed that capital gains tax entrepreneurs’ relief may not be available on this farm sale because under TCGA 1992 s 28 the land disposal will be deemed to be in July 2011 whereas our clients’ business will not actually stop until they cease farming on the 2012 completion date.

Another opinion put to us is that entrepreneurs’ relief will be...

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