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A farm is being transferred to a child at a valuation of 1 million, where the parent qualifies for Retirement Relief(CGT) and the child for Agricultural Relief(CAT) at this amount. However, the child will be buying a house for the parents to live in for circa 300k. Can the parents avoid CAT on this ‘gift’ from the child, by charging 300k for the sale of the farmland, whilst maintaining the 1 million valuation for Agricultural Relief?

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Posted by (Questions: 5, Answers: 3)
Asked on 27 November 2018 12:21 pm
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