More cases shed new light on the availability of BPR on holiday lets

What is Business Property Relief? Business property relief (“BPR”) is a valuable relief from inheritance tax (IHT) effectively resulting in those assets qualifying for full BPR being removed from the charge to IHT altogether.  Legislation excludes certain businesses from the relief including those businesses which consist of “wholly or mainly of…………..making or holding investments.” Case […]

Capital allowances on purchase of a farm.

Purchasing property is never straightforward and is often costly. Generally, you get no tax relief on the purchase of land and buildings until they are sold. However, that is not always the case and advice should be sought when you are buying buildings as there can be tax relief available on certain elements within a […]

Farmers averaging. The New era

We have been able to average taxable farming profits for individuals for many years. However, we are now dealing with the new rules for farmers averaging which apply for accounting years ending in the 2016/17 tax year and subsequent years. The new rules allow averaging to take place over five years or two years. Five-year […]

Landowners and compulsory purchase

Local Government is under pressure provide housing and improve local roads and transport schemes. Many landowners are facing the compulsory purchase orders and the compulsory acquisition of their property. Whilst compulsory purchase orders (CPOs) can result in significant cash payments they can also mean a high level of uncertainty. This is particularly true where the final route of […]

Is Incorporation still worth it?

Question: Two years ago our accountant encouraged us to transfer our farming business into a limited company – the aim being to reduce our tax bills. I am aware that companies pay lower tax rates and we have not paid any tax on the amounts we drew out of the company. However, I understand we […]

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