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Farm Business
Agricultural Matters
Tax implications.
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<blockquote data-quote="jendan" data-source="post: 7070233" data-attributes="member: 51810"><p>If you retire from farming alltogether,you pay 10% on the capital gain from when you bought it,or inherited from the date of probate,minus your allowance of £12,400. Parcels of land are 20%.Your main living house is exempt.Other houses are 28%,as are farm buildings. My accountant charged me £1400 for that information.I am yet to find out if the time to pay CGT stands at 30 days from the day of completion(meant to come in on the 6th April this year)or if they have shelved it due to Coronavirus,and its the end of your tax year,as it used to be. I think it used to be 3 years to claim CGT back by purchasing through roll over relief. (I am happy to be corrected on any of the above)</p></blockquote><p></p>
[QUOTE="jendan, post: 7070233, member: 51810"] If you retire from farming alltogether,you pay 10% on the capital gain from when you bought it,or inherited from the date of probate,minus your allowance of £12,400. Parcels of land are 20%.Your main living house is exempt.Other houses are 28%,as are farm buildings. My accountant charged me £1400 for that information.I am yet to find out if the time to pay CGT stands at 30 days from the day of completion(meant to come in on the 6th April this year)or if they have shelved it due to Coronavirus,and its the end of your tax year,as it used to be. I think it used to be 3 years to claim CGT back by purchasing through roll over relief. (I am happy to be corrected on any of the above) [/QUOTE]
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