Farming mother and son successfully challenge HMRC decision on capital gains tax
Mrs and Mr Oates realised a capital gain when selling a dilapidated farmhouse and outbuildings with scrub land, totalling 1.54 acres.
HMRC apportioned the sale proceeds: £170,000 for the house and £555,000 for the barn, outbuildings and land. Mrs and Mr Oates maintained the correct division was: £325,000 and £400,000 respectively… and won in an appeal to the Upper Tribunal.
Nick Palmer is a lawyer at Barker Gotelee, Solicitors in Ipswich.
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