Many farm businesses diversify from traditional farming to other related activities such as livery or hay making for horses. This may be a result of lifestyle changes or perhaps other potential incentives aligned with the Government’s so called Green Brexit. In such circumstances, they need to be aware of the impact that such a change … Continue reading Preserve Tax Relief on Farming Diversification
A new Land Transaction Tax (LTT) will come into effect in Wales from 1st April 2018, replacing Stamp Duty Land Tax (SDLT). The move comes as part of a wider pattern of fiscal devolution which will see Wales bearing responsibility for raising part of its own tax revenue for the first time in nearly 800 … Continue reading New Welsh Land Transaction Tax
There has always been uncertainty over whether a landowner is a farmer or a landlord for tax purposes. There has however, been a recent useful decision by the First Tier Tribunal in the case of John Carlisle Allen which has helped to clarify the capital gains tax position (and the valuable entrepreneurs relief/rollover relief ) … Continue reading Are you a farmer or a landlord?
It is very likely that at some point your farmhouse and other buildings used in the farming business will require refurbishment, and it is important to be aware that whereas some repair expenditure can be relieved in the year it’s incurred (subject to a disallowed proportion for private use of buildings), alterations and improvements cannot. … Continue reading Tax Relief for Farmhouse Renovations
Agricultural Property Relief (APR), if obtained, allows an individual to pass on agricultural property, either in their Will or during their lifetime, free of Inheritance Tax (IHT). Business Property Relief (BPR) reduces the IHT payable on a wider class of qualifying business assets when they are left in a Will or passed on during lifetime. … Continue reading Your Redundant Farm Building could be Restricting your Inheritance Tax Relief
New regulations which affect landlords in Wales may also have implications for tenant farmers who sub-let dwelling houses. The Rent Smart Wales scheme was introduced by the Welsh Assembly with a view to improving the quality and standards of Welsh housing in the rental sector. The legislation comes into force in November 2016, by which time all … Continue reading Tenant Farmers – Are You Sub-Letting?