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Vol 24 No 6 June/July 2019

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Tax Planning for Farm and Land Diversification 5th ed

ISBN13: 9781526506641
Previous Edition ISBN: 9781780439792
Published: October 2018
Publisher: Bloomsbury Professional
Country of Publication: UK
Format: Paperback
Price: £150.00

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This title examines traditional farming and diversification in the light of tax and planning procedures.

It explores the current trend in the rural sector to diversify away from pure food production, and the turn toward alternative land use for the purpose of profitable enterprise. It also covers forms of tax planning that are necessary to cope with the upheavals facing all those in farming communities.

Since the last (4th) edition in January 2016, there have been many changes in this area, in particular regarding subsidies, property development and Brexit-led implications, as well as a greater emphasis on probate preparation and dispute. These are as a result of new legislation and key tax cases, which will all be covered in a new edition.

Areas of change since the last edition include:

  • The general impact of Brexit and the tax implications of the move to the Basic Payment Scheme (BPS)
  • Making Tax Digital and its impact on farming
  • The increase in farm values and complexities and the need to ensure strong legal agreements around succession planning
  • The need to consider issues of undue influence, lifetime gifts and the role of the executor and beneficiary penalties
  • Modernising agricultural tenancies and tax implications of tenancy makeover
  • Airbnb: tax treatment regarding furnished holiday lets, property income, the trade of tourism, the impact on farming rents and rent-a-room
  • Consideration of the 'glamping' diversification and associated tax implications
  • Furnished holiday letting changes surrounding business property relief and changes to the wear and tear allowance from April 2016
  • The recent changes to income tax relief on mortgage relief for buy-to-let properties
  • SDLT reliefs for acquisitions of multiple dwellings
  • Additional tax planning possibilities where sale of development land is anticipated
  • HMRC's current approach to business property relief claims for livery businesses
  • Review of agricultural property relief and trusts
  • Update on entrepreneurs' relief in respect of woodlands
  • Detailed review of the CGT implications of heritage property disposals
  • Proposed scrapping of the Business Property Renovation Allowance in 2017
  • Changes to the main residence nil-rate band and IHT downsizing relief to IHT planning and wills and the IHT relief for 'closely inherited' main residence
  • Summary of the new CGT investors' relief
  • Requirement for non-resident CGT returns in 30 days of disposal
  • Coverage of accelerated payment notices (APNs)
  • Coverage of penalties for inaccuracies relating to 'offshore transfer' or an 'offshore matter'
  • Consideration of HMRC taxing development profits as income as opposed to a capital gain
  • Summary of 'overage'; the consideration of capital or income identification
  • 'Slice of action' schemes and development land
  • Explanation of the employment status of agricultural workers
  • FRS 102 and FRS 105, the farming industry and the impact on stock
  • Consideration of the HS232 Farm Stock Valuation (2015) (updated April 2016) and its practical implications of stock valuation
  • Total Income from Farming (TIFF): drop in TIFF, concerns over farm survival and the Agricultural Bill
  • HS224: Farmers and Market Gardeners – interaction with the current changes

Property Law, Taxation
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