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A client owns a farmhouse and cottage in eight acres that has been used as a nursery for many years. She has two daughters who work in the nursery one of whom lives in the cottage. The mother lives in the farmhouse. The whole lot is worth about £3m.
We have suggested that the daughters become partners while their mother retains the freehold outside the partnership but charges no rent as has always been the case.
Will the estate of the mother be able to claim business property relief on her death? Or is there a better idea?
Can Taxation readers think of alternative solutions?
Query 19 985 – Elmfield.
Buildings used in the farm business will be entitled to relief on disposal.
The starting point is to determine the client’s objectives. With assets of at least £3m it is likely that inheritance tax planning will be the...
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