inheritance on cessation of life interest

Question asked:


Hi Alan,
A client received a gift of lands in 2004 subject to a life interest for his parents. His parents have now passed on and the life interest has extinguished, so reversionary interest on lands occurring now?
He satisfied the Agri Farmer test in 2004 to qualify for the relief, but won’t qualify now based on total assets.
Is the current release of the life interest assessed on his assets in 2004?

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Asked on 20 June 2018 1:19 pm