The Farmhouse enigma and care provided by family members
When inter-generational situations may affect the IHT situation for farming families. Julie Butler of Butler & Co looks at the implications.
When inter-generational situations may affect the IHT situation for farming families. Julie Butler of Butler & Co looks at the implications.
A recent tax tribunal: Steadfast Manufacturing & Storage Limited v HMRC (2020) UKFTT 286 (TC) tinyurl.com/TX-UKFTT-286 highlights the potential income tax efficiency of undertaking farm repairs. [...]
Increasingly, executors are playing a role in the sale of farm property for a number of reasons. First, the demographic of a large amount of UK farm ownership is elderly. Second, the farm market [...]
The farming business of a sole trader generally ceases on death. Likewise, where there is a farming partnership, if there is no clause in the Partnership Agreement about continuing the [...]
With all the changes currently facing farming, eg. new planning permission guidelines, the need for increased diversification; the Agriculture Bill promoting delivery of “public products” [...]
As the full impact of the complications of additional Residence Nil Rate Band (RNRB) for inheritance tax (IHT) begin to be understood by the farming community, it is key to look at the farmhouse [...]
Many farms operate through some interaction with “barter” which is an “exchange of goods and services”. Such practices can have a negative impact when claiming the inheritance tax reliefs of [...]
The Upper Tribunal decision in B and R Scrambler v CRC Tribunal (Tax and Chancery Chamber) 10 January 2017 highlighted the harsh approach of HMRC towards the allowability of continued loss claims [...]
It is fair to say that if in a quiz the question was raised “which of the following is farming for tax purposes – breeding horses or growing asparagus?” the answer would probably be asparagus [...]
Most farming operations trade through the legal entity of a partnership. It has also been said that a starting point for the understanding of acting for farmers is that “all farming families hate [...]
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