There are a number of items in the recent Budget that are important for farming businesses and landowners. However, we have identified these 2 points as particularly significant in some cases:
- There will be an increase in the maximum amount of Annual Investment Allowance to £500,000 from April 2014 to 31 December 2015, after which it will return to £25,000. This means that you will get 100% tax relief on the first £500,000 of expenditure on Plant and Machinery. This could be very significant if you are thinking of building new Silage Clamps or Slurry Store facilities.
- If your home is owned by a limited company and is worth more than £500,000 there is a risk you may have to pay extra taxes. In many cases this will not apply if you are running a farm business but it is important to check.
For more general information on the Budget please follow this link to our Budget Report: Green & Co Budget Summary 2014
If you are interested in the tax allowances for 2014/15, please refer to our Tax Tables: Green & Co 2014/15 Tax Tables
Please contact us if you need more information on these changes, or any other matter.