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We act for a farming partnership, where the husband and wife jointly own the farm, but ownership of the farm trading business itself is in the husband's name, with his wife being a full-time employee of the business.
The farm has now been disposed of and we have no doubt that the husband's half share of the sale proceeds will qualify for business asset taper relief, but we are a little unsure as to whether the wife's share would qualify under the 'asset used in employment' rules. Could readers clarify the position here, please.
Query T16,636
We act for a farming partnership, where the husband and wife jointly own the farm, but ownership of the farm trading business itself is in the husband's name, with his wife being a full-time employee of the business.
The farm has now been disposed of and we have no doubt that the husband's half share of the sale proceeds will qualify for business asset taper relief, but we are a little unsure as to whether the wife's share would qualify under the 'asset used in employment' rules. Could readers clarify the position here, please.
Query T16,636
