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?
Tag: rollover relief
The Royal Institute of Chartered Surveyors (RICS) has recently announced that the price of Welsh farmland has increased by around 13% in the last 12 months. Although Welsh land is not as expensive as that of our English neighbours, the cost of an acre of Welsh farmland averaged out at £7,500 for 2014. A spokesman … Continue reading Thinking of Selling Your Welsh Land?
If so, are you sure you will be able to claim all available business reliefs?For farmers, entrepreneurs' relief, which effectively reduces capital gains tax to 10%, may be more useful than the alternative rollover relief. Anyone considering a sale of development land should plan carefully for that sale in order to ensure that entrepreneurs' relief will … Continue reading Are You Planning To Sell Development Land?
