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Tax Planning for Farm and Land Diversification

Author: Julie Butler (FCA)

Edition: Sixth

Publication Date: 2022

Publisher: Bloomsbury Professional

Law As Stated At: 24 February 2022

Tax Planning for Farm and Land Diversification

Tax Planning for Farm and Land Diversification

Increasingly those running a farming business need to look closely at opportunities to diversify their revenue streams as the more traditional activities become less sustainable on their own. Tax Planning for Farm and Land Diversification is written for accountants, tax advisers and others who have these businesses or individuals as their clients. It explores the tax planning opportunities available in different circumstances such as re-use of redundant buildings and planting more woodland. Relevant cases are considered throughout as is the increasing focus of HMRC towards the reliefs available to farmers.

The content has been extensively updated to cover all the developments in this area. Key updates and case summaries include:

  • MTD ITSA Making Tax Digital for Income Tax at [1.12]
  • The Agriculture Act 2020, basis reform for farmers and exit payments at [1.20]
  • Environmental Land Management Scheme (ELMs) at [2.5]
  • CGT online tax returns on farmhouse and farm residence at [4.5]
  • Development opportunities of the garden – Phillips at [4.9]
  • Evidence for PPR – Hussain at [4.13]
  • Building plots from the grounds of the house – Whyte at [4.18]
  • “Farmers exit payment” at [5.10]
  • Repurposing farm buildings into holiday accommodation – Balknakeil at [5.35]
  • The impact of carbon credits at [6.8]
  • Business rates and furnished holiday accommodation at [6.15]
  • Capital allowances and the potato storage case at [7.8]
  • The “super-deduction” of 130% for limited companies at [7.15]
  • [8.2]
  • The car boot sale – Rufforth Park Ltd at [9.4]
  • Generation of income to prove business – Babylon Farm at [9.17]
  • Reconstruction of listed building – Richmond Hill at [9.18]
  • Blaenau Bach Farm – planning with different legal entities at [9.23]
  • Supply of land or self-storage – Harley Scott Commercials Ltd at [9.55]
  • Joint venture developments – Polo Farm Sports Club at [9.56]
  • Naghshineh – 17 year losses overturned at [12.26]
  • The temporary carry back of losses three years at [12.28]
  • Residential Property Developers Tax (RPDT) and section 106 at [14.49]
  • Agriculture Act 2020 – changes to tenancies at [15.3]
  • Residential tenancies compliance and farmers at [15.39]

Contents