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Chapter 12: Hobby and lifestyle farming and use of farming losses

Tax Planning for Farm and Land Diversification

Julie Butler (FCA)
Bloomsbury Professional
Publication Date:
Law Stated At:
11 July 2023
Introduction – underlying purpose and commercial advantage Interaction of hobby farming and commerciality The need for a business plan The need to review the accounts and tax computation The utilisation of trading losses Letting income assessable as trading income Losses from rents received and furnished holiday business (FHB) Losses in stud farming – 11-year advantage removed Farming losses – test of commerciality Stud farming and farming combined Equine losses generally ...

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