Hello
My Uncle owns a farm which will get APR on his death. A small part of this, some 3 acres and a derelict stone farm building, will be left to me in his will. The value of the land is at agricultural value and the building is of negligible value(in fact a liability as it is falling down). The building and land was originally inherited by my uncle at a value then of around £1500 per acre. The land value is currently around £8000 per acre.
I would like to apply for planning on the derelict stone building now and subject to planning, develop the building into a small house. Prior to investing in this idea, I need to ensure I have a legal right to the land and the building and it has been suggested that the land and building is transferred to me now as a Potentially Exempt Transfer. A few questions arise.....
1) Would a PET give me an irrevocable right to the land and building from the date of creation?
2) Would the transfer be subject to CGT even though 100% relief under APR would be available on my Uncles death?
3) Is there a better way to obtain a secure right to develop other than using a PET?
4) If a PET is to be used, how is this formalised? Does it need to be registered anywhere?
Many thanks, Nick
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