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MICHAEL BLAKE provides tips for cultivating ER for farmers
KEY POINTS
- Entrepreneurs’ relief is a ‘mishmash’ of older rules.
- The twin test of the statutory definition of farming.
- The importance of timing when selling a farm.
- What is being disposed of: an asset or a business?
- The use of assets in the farming business.
Capital gains tax retirement relief provided a measure of relief for disposals of businesses between 1965 and 2003 before the relief finally withered away and was replaced entirely by taper relief.
Retirement relief (ER) caused particular difficulty for farmers as is evidenced by a procession of farming cases through the High Court starting with McGregor v Adcock [1977] STC 206 and ending with Barrett v Powell [1998] STC 283.
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