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Farmer and son

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05 June 2012
Issue: 4356 / Categories: Forum & Feedback
A farmer incorporated his farming business many years ago, while retaining personal ownership of the farmhouse and land. However, he now wishes to bring his son into the business

Our client is a farmer who for various reasons incorporated the business many years ago leaving the farmhouse and the land in personal ownership.

It is our understanding that because he and his wife control the shares the farmhouse and farm land still qualify for inheritance tax agricultural property relief (APR).

Our client wants to bring his son into the company and intends to give him some shares. Is it the case that as long as the husband and wife jointly control the company (even though individually they would not) the farmhouse and farm land will continue to qualify for APR?

Furthermore would that be the case if for example they gave their son one third of the shares? The land is not rented to the company would it make a difference if it was? Are there any other...

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