Transferring farm land twice in quick succession

If an old farmer transfers, say, £900,000 pounds worth of farm land to his (non farming) grown-up son, and then a week later that son immediately transfers that farm land into an interest in possession trust for his own (also non farming) grown-up son, then: (a) would there be capital gains tax to pay immediately when the second transfer occurs? (b) would this affect future inheritance tax for the estates of both the old farmer and his son if they both died within seven years?

Hi Jimbob,
There will be Capital Gians tax to pay as the original transfer is seen as a disposal and also on the 2nd if there has been an increase in value.
For Inheritance tax please refer to:
Trusts and Inheritance Tax
Thank you.

 

Thank you