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...VAT’s not cricket; EIS transfer
Farming partnerships
I act on behalf of a number of farming partnerships. The majority of these started off as a husband and wife arrangement initially the husband owning the farm and his wife receiving a salary.
Such arrangements normally progressed into a partnership when the husband felt that it was highly unlikely that they would divorce.
This was followed later by the son or sons (but not normally any daughters) being admitted to the partnership.
At that time it was not uncommon to remove the farm from the business because I believe there was a legal case where a son left the partnership and claimed an interest in the land because it was reflected in the partnership accounts.
The problem I now have is that inheritance tax agricultural property relief on the land on the parent’s death will not be 100% but only...
