When partners resign or retire from a partnership, the partnership agreement will normally govern their rights and responsibilities following their resignation. However, where the terms of their departure are not agreed, are they entitled to the value of...
The relaxation of permitted development rights will mean that many holders of agricultural land will be able to develop buildings on their properties for residential purposes.
In many cases the gains on such developments will be exempt from Capital Gains Tax by the application of private residence relief (PRR). A key requirement here is that for PRR to be claimed, there must have been genuine permanent occupancy for a sufficient period to justify the claim.
However, as is often the case, the rules are complex and can limit the landowner's right to make future developments after a development is undertaken.
