is there a 75% exemption on capital gains tax if the asset being sold was land which was used in an agricultural business?
System of Law: England-and-Wales
I hope this can assist you: There are three capital gains tax relief on a land which was used in an agricultural business, whether by the farmer or contracted out, there are three CGT reliefs when the property is sold or transferred.● Rollover relief: The gains incurred from the sale of anything relating to the farm can be rolled over as long as they are reinvested elsewhere on the estate, thus avoiding CGT at 18 per cent.● Holdover relief: This relief works in relation to people putting farmland or property into a trust or transferring it into another person’s name. For example, if a father was transferring the farm into his son’s name, the taxable gain could be deferred until the son sold the farm.● Entrepreneurs’ relief: This relief gives an effective tax rate of 10 per cent on certain business disposals, up to a lifetime limit of £1m of gains per individual. However, it is only for business assets, rather than property, such as selling a part-share in the working farm’s profits. However there is a IHT relief of 100 per cent if the farmland was either farmed by the owner, or someone on behalf of the owner, for two yearsI'm pretty sure there aren't any other reliefs.If you are satisfied, could you please revise the rating to a positive feedback and that would be greatly appreciated. If not completely satisfied, prior to leaving feedback, please get back to me and I will do whatever it takes as negative ratings affects my account badly.
I guess you were talking about 75% Capital Gains Tax exemption taper relief. Its that the case, this was abolished after 5 April 2008. The three reliefs i mentioned are the ones available.
Chartered Accountant >15 years + Qualified IFA
I am sure that there was a 75% relief for agricultural land for CGT purposes - has it been stopped in the last few years?