.png)
.png)
Holdover claim for capital gains tax on gifting farm cottage to son
I act for a farm partnership in which the mother father and son are the three partners. The mother and father live in the farmhouse and the son lives in the farm cottage.
The cottage was originally a barn that was converted to residential use some ten years ago. The mother and father own all the land buildings farmhouse and cottage.
The mother and father want to gift the cottage to the son which he currently occupies.
A large gain arises and I am considering submitting a holdover claim for capital gains tax. However as mentioned the cottage is not occupied by a farm worker but the son who has been a partner in the farm for 15 years.
My questions are:
- Would the cottage still be treated as an asset used in the farm trade?
- ...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
