2019 Basic Payment (BPS)
The exchange rate used to calculate the 2019 BPS has been confirmed by the Rural Payments Agency (RPA) at €1 = £0.89092, which is very similar to the 2018 rate…
Pensions and Inheritance Tax Planning
From April 2015, new pension rules have been introduced offering far greater flexibility on how income can be withdrawn from your pension fund. Also the taxation of undrawn funds passed…
OTS Releases Second Report on Simplification of Inheritance Tax
In January 2018 Phillip Hammond commissioned the Office of Tax Simplification (OTS) to carry out an extensive review of the current Inheritance Tax (IHT) regime. In November 2018 the OTS…
Partnership Dissolution and Exchange of Joint Interests
Occasionally in a family farming partnership, there may come a time when the existing partnership structure is no longer deemed appropriate to accommodate the changing dynamics of the family. For…
Land for the Many – A Labour Commissioned Report
A report commissioned by the labour party has been released this month. The report included some radical taxation proposals surrounding land and property, including: Replace Council Tax with a Progressive…
Increase in Annual Investment Allowance (AIA) but Beware the Pitfalls
As a capital intensive industry, the availability of 100% AIA on qualifying machinery has had a significant impact on farmers’ tax liabilities in recent years. In April 2013 this allowance…
Prenuptial Agreements
A prenuptial agreement is a formal contract entered into by a couple prior to marriage, which shows how their assets should be divided in the event of separation or divorce….
Grain Drying and Storage Facility Qualifies as Plant
Arable farmer, Stephen May built a facility for the drying and storage of his grain and claimed capital allowances on the entire cost. HMRC accepted that the ventilation equipment within…
Structures and Buildings Allowance
Since the government abolished the agricultural buildings allowance in 2011, there has been little if any tax relief available on the construction of new fam buildings…until now! A new structures…