Tax Planning for Farm and Land Diversification

ISBN-13: 9781780439792 / Angielski / Miękka / 2016 / 592 str.

Julie Butler

Opis

This well respected title examines traditional farming and diversification in the light of UK tax and planning procedures. It explores the current trend to diversify away from pure food production, and the turn toward alternative UK land use for the purpose of profitable enterprise. It also covers forms of UK tax planning that are necessary to cope with the upheavals facing all those in farming communities. The fourth edition picks up on a number important legislative developments and new cases since the previous edition was published in 2011, including the following: loss claim restriction to 25% * farmhouse update (Golding and Hanson) * the demise of the corporate partner * more impact of Permitted Development Rights and developing buildings * ATED and the farmhouse (the implications of the lowering of the ATED threshold on farmhouses held in companies) * repairs (impact of Pratt, Hopegear, and Cairnsmill cases which all address the question of whether expenditure on the farm is revenue or capital expenditure) * CAP reform update (movement from the Single Payment Scheme to the Basic Payment Scheme and the 'Active Farmer' criteria) * guidance on the new permitted development rights rules that came into force in April 2014, allowing the conversion of farm buildings into up to three residential properties without going through the full planning process * options for farmers following moves by HMRC to deny APR in situations where farmers have not been actively involved in farming in the two years before death * guidance on Associated Disposal rules for partnership advantages and achieving entrepreneurs' relief * importance of BPR (analysis of the Zetland vs HMRC case) * capital allowances and the farm buildings * guidance on the need for robust partnership agreements with reference to Ham vs. Ham.

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 incorporating the phasing out of quota 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