Bainbridge v Bainbridge [2016] EWHC 898 (Ch)

Wills & Trusts Law Reports | July/August 2016 #161

The claimants, who were father and son, farmed together in partnership Seamer Grange Farm. They were advised to place this property in trust and that there would be no capital gains tax chargeable on the transfer. The first claimant, who held the legal title, transferred the partnership land to the trustees of a discretionary trust which was created by a trust deed dated 24 June 2011. Unfortunately, the advice which they had been given was incorrect; capital gains tax was exigible on the transfer, amounting to more than £200,000 plus interest and possible penalties. The claimants and def...