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Ascertaining the correct capital gains tax base cost for farming assets is always important.
KEY POINTS
- The need for accurate recording and understanding of the importance of base cost.
- The valuable role of the detail of the probate valuation.
- The impact of the history of the farm on current capital gains tax calculations and planning.
- The consideration of lifetime transfers reporting and the interaction of all capital gains and inheritance tax planning.
- The complex role of the executor and the responsibility involved with any family farm.
Many landowners and farmers change the structure of their farms and it is important to ensure that the base cost for capital gains tax moves with these developments. Common events that may affect the base cost are farm improvements death passing the business to the next generation during life part disposals inter-spousal transfers development...
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