CGT minefield on inherited family farm?Make Text Bigger
Can anyone advise me on the following CGT issue please? My father died in 1994 leaving my brothers and me the small family farm, but in a will trust allowing my step-mother to remain living there and receive any income from it.
The land has been let to a neighbouring farmer since 1996 and was transferred to us in 2006. CGT was paid at the time. The farmhouse remains in the trust and this year my step-mother died. We are about to sell the whole property for development this year (or early next year) with substantial capital gain.
What rates of CGT are likely to be applicable?
Would it be classed as a business and eligible for Business Asset Disposal Relief?
Could I/we claim roll-over relief if we bought another business with the proceeds?
Any help or suggestions will be appreciated.
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