Tax Planning for Farm and Land Diversification, Third Edition examines traditional farming and diversification in the light of tax and planning procedures. It explores the current trend 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.
This edition shows you how to protect the high value of farms and landed estates through the process of diversification, and how to handle the rollover of gain, from the sale of a business, into a farm or estate.
Every chapter of Tax Planning for Farm and Land Diversification has been updated to take in the numerous changes in agriculture since the previous edition.
This well-timed third edition is up to date to all relevant legislation and covers: CGT reforms and further changes in the coalition budget; The change from Business Asset Taper Relief to Entrepreneurs' Relief; The move away from production based subsidies to area based subsidies; Single Farm Payment and the agricultural reviews; Biodiversity and farm gate - including the commercial and tax implications; The behaviour-based penalty system associated with income tax, CGT and inheritance tax; HMRC's close scrutiny of all diversified businesses; Coverage of trusts updated to Finance Act 2006, Finance (No 2) Act 2010 and Perpetuities and Accumulations Act 2009; References to the most recent Planning Guidance changes and the 'localism' agenda of the Coalition Government.
Julie Butler FCA has been qualified for over 30 years as a chartered accountant. She is married to a farmer and owns farm and woodland herself so understands the issues of farmland and diversification at a very practical level. She has formed her own firm of chartered accountants, Butler & Co, which acts for a large amount of the farming and equine industry and lectures widely on the subjects surrounding farm diversification
1 Farming and the need for diversification 2 Diversification - alternative land use, grants and impact on the basic tax planning 3 Obtaining planning permission 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 framing, 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 Wills 19 Miscellaneous 20 Single farm payment - the tax implications