I am lucky enough that I will be inheriting a small farm from my father. My wife and I don't have a mortgage on our own home but I have a rented property with a mortgage in my name and the title is also in my sole name. I won't have enough value in agricultural assets (80%) when I get the farm to qualify for the active farmer test of agricultural relief (CGT relief).
I have seen various advices online to transfer ownership of the properties to my wife's sole name to then qualify for the agricultural relief.
Is it possible to do this even with the mortgage staying in my name? My wife probably wouldn't qualify to take on the mortgage in her own name as she only works part-time.
Has anyone any experience with this?
u/KevinIRL — 14 days ago