[Free Reading] Tax Planning for Farm and Land DiversificationAuthor Julie Butler – Z55z.co

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 th edition in January , 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 AprilThe 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 inChanges 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 indays 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 FRSand FRS , the farming industry and the impact on stock Consideration of the HS Farm Stock Valuationupdated Apriland its practical implications of stock valuation Total Income from Farming TIFF drop in TIFF, concerns over farm survival and the Agricultural Bill HS Farmers and Market Gardeners interaction with the current changes