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Farming changes

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28 February 2012
Issue: 4343 / Categories: Forum & Feedback , Inheritance Tax
Until he temporarily moved out due to medical problems, an 86-year old farmer lived in the farmhouse on a 50-acre farm. His absence, farmhouse renovations, the changed farming activities and the fact that the farm was previously twice as big may have adverse tax implications

Our client is an 86-year old farmer who until recently lived on his own in the farmhouse of his 50-acre farm.

We believe the farm was originally larger being over 100 acres but was reduced in area some time ago. During recent years the farm has been operated through a contract agreement.

The client is temporarily living away from the farm with his family due to medical problems and the family are now considering upgrading the farmhouse which has not been modified during the past 40 years.

After modernisation the farmhouse may then be let because the client’s current living arrangements could become permanent.

The family are also considering creating a farm partnership between the client and his son to continue the farming operation during the client’s lifetime. The farming is on a low-key grazing and grassland management basis.

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