Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Hundred-acre farm

18 October 2011
Issue: 4326 / Categories: Forum & Feedback
A farming partnership sold its dairy herd and some farm buildings seven years ago and has since grazed cattle on the land

We act for a farming partnership which sold its dairy herd and various farm buildings approximately seven years ago.

The partnership retained the farmhouse and 120 acres of land and currently this is all used for cattle grazing and silage. The partnership receives the single farm payments and the partners look after the land themselves (for example carrying out hedge-cutting fencing etc.) and make profits of about £10 000 per year.

The partners have decided that they now wish to cease the partnership and sell the farmhouse and 100 acres of land. The farmhouse has been lived in by one partner until he vacated the property six months ago.

Our queries are as follows.

  • If the farmland is sold either at the same time as or before the farmhouse would both assets qualify...

If you or your firm subscribes to, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or '' for further assistance.

back to top icon