02 May 2007
My clients are two sisters, who were the joint owners of a plot of farmland in Northern Ireland. This land had been transferred into their joint names by their mother in May 1997, with the understanding that the mother would continue to receive the letting income as long as she lived. The sisters sold the land during the year ended 5 April 2006 and I am unsure of the capital gains tax taper relief that is due.
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