We, like sheep

FOR MANY YEARS Mr and Mrs Todd who were both over 50 years old had traded as successful sheep farmers in Cumbria from a farm in excess of 100 acres. In addition to the main area of farmland in 1986 Mr Todd had inherited from an aunt 40 acres and this had been sold off in small parcels until 1996 when the remaining ten acres — which were being used for grazing — was the subject of a deed of gift whereby Mr Todd declared that he retained 35% Mrs Todd was given 35% and his three children received 10% each. Six acres of this ten-acre site was given planning permission for housing and McAlpines agreed to purchase this for £495 000 and contracts were exchanged on 10 March 2000.
Also on 10 March 2000 Mr and Mrs Todd each...