Tax Planning for Farm and Land Diversification

ISBN-13: 9781526515339 / Angielski / Miękka / 2021 / 688 str.

Julie Butler

Opis

Increasingly those running a farming business need to look closely at opportunities to diversify their revenue streams as the more traditional activities become less sustainable on their own. This title is written for the accountants, tax advisers and others who have these businesses or individuals as their clients. It explores the tax planning opportunities available in different circumstances such as re-use of redundant buildings and planting more woodland. Relevant cases are considered throughout as is the increasing focus of HMRC towards the reliefs available to farmers. The sixth edition covers a number of important new developments: - the Agriculture Bill 2019-20 which has the main aims of reforming UK agriculture policy, replacing the current subsidy system, supporting land-owners and farmers in the transition away from the Common Agricultural Policy and introducing a new Environmental Land Management scheme - the results of the consultation on tenancy reform - New CGT returns from 5 April 2020 (need for a 30-day disclosure) - The new Annual Investment Allowance set at £1 million - Implications from the pressure to plant more trees (and promise of more subsidies) to increase the profitability of woodland - The tax impact of ‘rewilding’ and ‘agroforestry’

Spis treści

1: Farming and the need for diversification 2: Diversification – alternative land use, grants and impact on the basic tax planning 3: Wills 4: Protecting the tax position of the farmhouse 5: Protecting the farm's assets 6: Diversification – the reality 7: Tax planning for fixed assets and stock 8: To incorporate or not to incorporate? 9: Planning for VAT 10: The 'reluctant' and 'lifestyle' farmer 11: Share farming, contract farming, farm business tenancies and other farming business agreements 12: Hobby and lifestyle farming and use of farming losses 13: Planning the best use APR and BPR for inheritance tax 14: Planning property disposals tax efficiently 15: Farmland and buildings – the letting activity 16: Divorce and farming 17: Trusts 18: Miscellaneous