Tax Planning for Farm and Land Diversification

by Julie Butler

Overview

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

Product Details

ISBN-13:	9781526506658
Publisher:	Bloomsbury Publishing
Publication date:	10/29/2018
Sold by:	Barnes & Noble
Format:	eBook
Pages:	624
File size:	2 MB

About the Author

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.
Julie Butler FCA has been qualified for nearly 40 years as a chartered accountant. Julie owns a farm, livery yard and woodland so understands the issues of farmland and diversification at a very practical level. Julie's late husband was a farmer. She has formed her own firm of chartered accountants, Butler&Co, which acts for a large amount of the farming and equine industry and consults with other professionals on the very complex tax subjects around these industries. Julie lectures widely on the tax problems and solutions surrounding farm diversification with a particular emphasis on “death, development and dispute.” Julie has passed her ICAEW probate exams to help with the understanding around inheritance tax.

Table of Contents

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