Hi all,
I was just wondering if anyone know much about Capital Gains Tax for agricultural land.
My parents have 40 acres of farmland, inherited from my farming granddad which was worth about £100,000 at the time of his death. It's now valued at a lot more. They were going to shift the lot across to me as a Christmas gift (nice, right!?) but speaking to their Will solicitor today the aspect of CGT was brought up....that's A LOT of tax to pay.
However, I've been fishing around online and discovered there is such a thing as CGT hold over which allows land that qualifies for inheritance tax agricultural property relief to be free of CGT when passing deeds to a next generation, for example. I wonder....do my parents need to have died for this to be applied though...in regards to the inheritance aspect, I mean?!
It's all SOOOOOO complicated!
I was just wondering if anyone knows anything about this, or maybe have even dealt with such an issue?
Geoff