Folks,
Will definitely be getting professional advice on this but seeking your points of view in advance.
If a Dad transfers stock and machinery to his son and the sons assets are then greater than 80% agricultural the assets are then reduced by 90% & are subject to gift tax on only 10% of the value.
What if the Dad transfers the stock and machinery to the sons Ltd company as a gift to the company....can a company qualify for Agricultural Relief also?
If they go from dad to son (who claims Agri relief) to sons company then there would be clawback I assume as wouldn't have held onto the assets for 6 years.
The company here is hypothetical by the way.
Will definitely be getting professional advice on this but seeking your points of view in advance.
If a Dad transfers stock and machinery to his son and the sons assets are then greater than 80% agricultural the assets are then reduced by 90% & are subject to gift tax on only 10% of the value.
What if the Dad transfers the stock and machinery to the sons Ltd company as a gift to the company....can a company qualify for Agricultural Relief also?
If they go from dad to son (who claims Agri relief) to sons company then there would be clawback I assume as wouldn't have held onto the assets for 6 years.
The company here is hypothetical by the way.