Question asked:

0
0

My client is a full time farmer , her son has built his principal private residence on the family farm, however they did not extract the site prior to building the house, the son is living in the house now there is a good lot of work to be done before the house would be complete. His mother now is looking a two possible options 1. Transferring the ground that the house is built on (less than one acre) exempt from CGT subject to stamp duty 2. Transferring all of the lands to the son 60 acres Questions (a) How should the site be valued from parent to child ... there is a part completed house construction paid for by son & his partner , on lands owned by mother ... would it be possible to value just the site , what would the stamp duty rate be (non residential to family member) Should the current value be house & site stamp duty residential to family member Option 2 Transfer all the lands 60 acres to son , he is over 35yrs & in employment , he might not qualify for agricultural relief , but could get business relief by continuing farming... Your views please Thanking you Mike

Marked as spam
Posted by (Questions: 52, Answers: 1)
Asked on 27 July 2018 5:11 pm
50 views