Tax Planning for Farm and Land Diversification, Fifth Edition has been extensively updated to cover all the developments in this area, in particular regarding subsidies, property development and Brexit-led implications, as well as a greater emphasis on probate preparation and disputes.
Every chapter has been updated to take account of the numerous changes in agriculture since the previous edition. As such, it covers:
- The need to consider issues of undue influence, lifetime gifts and the role of the executor and beneficiary penalties for farming families
- Consideration of the `glamping' and Airbnb diversification and associated tax implications
- Additional tax planning possibilities where sale of development land is anticipated including `slice of the action' schemes and overage for farmers
- HMRC's current approach to business property relief claims for livery businesses
- Update on entrepreneurs' relief and the tax treatment of barter transactions and overall areas of woodlands
- The impact of FRS 102 and FRS 105 on the farming industry and the impact on stock
- Consideration of the HS232 Farm Stock Valuation (2015) (updated April 2016) and its practical implications for stock valuations
Julie Butler FCA has been qualified for over 30 years as a chartered accountant. She 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: 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 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