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Farmhouse transfer
I have a farming client who gifted land to his son many years ago while retaining ownership of the house in which his son lives. The son farms the land in his own right separate from his father’s farm.
The father is now looking at the possibility of giving the house to his son but there is a significant capital gain associated with the property. I am wondering whether there is any scope to claim holdover relief in this case using the extension of the relief to agricultural property.
The house is a farmhouse in the hands of the son but is used to farm land that is not owned by the father. So the question is whether the house would qualify for agricultural property relief and then by extension for holdover relief.
I am aware that in the Hanson...
