Office of Tax Simplification Inheritance Tax Review
In January 2018, Chancellor Phillip Hammond commissioned the Office of Tax Simplification (OTS) to carry out an extensive review of the current Inheritance Tax (IHT) regime. On 23 November 2018,…
Quarrelling Brothers Highlight the Importance of Wills and A Formal Partnership Agreement
The judge in a recent High Court hearing has ruled on a dispute between two farming brothers over what constituted partnership property following the death of their father. Two brothers,…
VAT Recovery on Residential Rented Property
We are often asked by our farming clients whether they can recover the input VAT incurred on their rented farm cottages or other residential properties. The answer is not a…
Contract Farming Arrangements – What are the benefits?
Landowners can receive very favourable Inheritance Tax (IHT) treatment in respect of the value of their farming assets if they are actively involved in a farming trade. On death it…
Cash Gifts and Inheritance Tax
The rate of Inheritance Tax (IHT) applied to a person’s Estate on death is 40% on all chargeable assets above a certain threshold, the nil rate band. Business assets and…
Rollover Relief
What is it? Rollover Relief is a Capital Gains Tax (CGT) relief which may apply if you sell certain business assets and use all or part of the proceeds to…
Countryside Productivity Scheme
The RDPE Countryside Productivity Scheme provides funding for projects in England which improve productivity in the farming and forestry sectors and help create jobs and growth in the rural economy….