Tax Planning for Farm and Land Diversification

6 ed
ISBN: 978-1-5265-1533-9
Verlag: Bloomsbury Publishing PLC

Buch, Englisch, 688 Seiten, Paperback, Format (B × H): 156 mm x 234 mm, Gewicht: 1023 g

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'

Autoren/Hrsg.

Butler, Julie

Fachgebiete

• Rechtswissenschaften Steuerrecht Internationales und Europäisches Steuer-, Bilanz- und Rechnungslegungsrecht
• Rechtswissenschaften Ausländisches Recht Common Law (UK, USA, Australien u.a.)

Inhaltsverzeichnis

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

Über Autor(innen)

Butler, Julie
Julie Butler FCA has been qualified for nearly 40 years as a chartered accountant. Julie owns a farm, livery yard and woodland so understands the issues of farmland and diversification at a very practical level. Julie's late husband was a farmer. She has formed her own firm of chartered accountants, Butler & Co, which acts for a large amount of the farming and equine industry and consults with other professionals on the very complex tax subjects around these industries. Julie lectures widely on the tax problems and solutions surrounding farm diversification with a particular emphasis on "death, development and dispute." Julie has passed her ICAEW probate exams to help with the understanding around inheritance tax.

Julie Butler has her own firm of chartered accountants, Butler & Co, which acts for a large amount of the farming and equine industry and lectures widely on the subjects surrounding farm diversification.