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New queries, issue 4302

03 May 2011
Issue: 4302 / Categories: Forum & Feedback
Hope value on plot of land; gifting shares in business to husband; transferring buy-to-let properties to wife; calculating SDLT charge

Tack shop

My client owns jointly with her brother a piece of green belt land on which stands an equestrian ‘tack’ shop run by my client and her daughter.

The shop is very dilapidated and requires rebuilding and they have been told that planning permission should be granted for this because there is no material change of use. Once rebuilt the tack shop business will continue to trade from it.

The accountant acting for the brother has suggested that if he passes this land to her at the value recently placed on it by the land agent (reputable) and before the shop is rebuilt HMRC will seek ‘hope’ value in case permission should ever be given for a house to be built on the plot of land which will then be empty.

Has anyone had this issue...

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