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Sale of Development Land

Our client owned an area of development land personally with his wife, and the land was utilised by the farm partnership that both he and his wife were partners in. The client was nearing a sale for the development land and had no immediate plans to reinvest the sales proceeds. EQ were tasked with securing the best capital gains tax rates for the client.

How we helped our client
The partnership consisted of the father, mother and son. The son had newly married and was of mind to include his wife in the partnership. The family had expressed their desire to look at the succession plan for the business.

EQ took this into consideration when looking at the best capital gains solution for the father. By utilising the associate disposal rules, we were able to help our client achieve Entrepreneurs’ Relief rate of 10% versus a 28% rate on the capital disposal of the land. We were also able to assist the client with their succession plan and bring the son’s wife into the partnership and phase out father’s and mother’s involvement.

For more information or to discuss further, please contact the Private Client Taxperts.

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