Your Question:
My question is about IHT. I own in partnership with my wife and son a working farm which comprises a Farmhouse, farm buildings and land. We also converted a barn adjacent to the farmhouse for my son to live in. As well as this we have some industrial units (3 miles away from the farm) and an investment property originally used as a labourers house but now let out. Values: Farmhouse ?750k, Farm Buildings and land ?850k, Barn Conversion ?500k, Investment property ?165k and Industrial units ?850k. All assets are in a 3 way partnership, me, my wife and son. I am told that if i leave everything to my son as a going concern he will not have to pay any IHT. Is this true ? Could you please give me your assessment of my situation and what IHT you would expect. I do have 2 daughters who i need to bare in mind but i wish to avoid IHT and the going concern option if true will achieve this. My concern is will the revenue challenge 3 houses and an industrial estate being passed as the trading farm/business. Thank you.

Category: ---UK Tax Expert

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