TAX ON TRUSTS

TAX ON TRUSTS

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We have a client whose property in held in a trust. He lived in a working farm which consisted of farmhouse, 40 acres and a barn. In 2014/15 the farmhouse was sold and private residence relief was claimed. The trust then bought another property on his behalf. The trust is now about to sell the barn and 4 acres. Will the trust be able to claim entrepreneurs relief on this disposal? 

 

 

 

Replies (2)

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By carlh
21st Oct 2016 12:23

depends on type and location of trust

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By Duhamel
21st Oct 2016 13:26

I think there is a bigger problem than that. The whole business has not been sold, can it be said that an identifiable part has been disposed? Looks doubtful to me.

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