HomeConversion of redundant buildings and barns and tax consequences - Solicitors in Chester | Bartletts Solicitors | Wrexham Solicitors
Tax consequences regarding the Conversion of Redundant Buildings and Barns
Bartletts Solicitors agricultural law specialists can advise on interesting tax issues, for example those that can arise when a Farmer decides to convert a redundant farm building to residential or holiday let use. This aspect should be carefully considered, preferably whilst the building is still in agricultural use. It could be appropriate to consider, before changing the use, whether to pass on the property to Successors. The tax reliefs available for properties used for holiday let need careful consideration for all three taxes, i.e. Income Tax, Capital Gains Tax and Inheritance Tax.