Relief sought on Norfolk land

A case of "retirement relief" in respect of capital gains tax on the sale of business land has come before the Appeal Court. Judgment has been reserved in a case in which the family of a deceased Norfolk man has challenged a February 1997 High Court ruling over farm land in Norfolk. The court held that relief was not available under section 69 of the Finance Act 1995 on the disposal of land if the land constituted a business carried on by the taxpayer's family company and not by the taxpayer as an individual. However, Patrick Soares, counsel for the representatives of the late farmer, argues that there was nothing in section 69 indicating that a business has to be owned by an individual in order to be eligible for such relief.