Development Land & Farming - A Tax Planning Guide - Live at Your Desk
This live broadcast session will consider how to tax plan for farm development land in terms of both inheritance tax and capital gains tax for farmers. The session will cover tax planning around small and large developments.
It will also consider rollover and entrepreneur's relief now renamed as business asset disposal relief (BADR) and other complex tax advice together with the need to incorporate this into full farm succession.
Find out how to move forward with a farming client with potential development land for housing.
What You Will Learn
This live and interactive 3 hour session will cover the following:
- Increased potential for small farm developments, brownfield sites
- The drive and need for early tax planning at every angle of development projects
- The Ham v Bell case - needed for legal definition of land ownership
- The importance of partnership property of IHT, CGT and general understanding in the context of development land
- Consideration of the impact of the 20% rate of CGT v BADR
- Balfour mix - OTS review of IHT - trading %
- The equine loss and farm loss claims and impact on BPR commerciality impact of the Cliff case
- The impact of Agriculture Bill etc and potential loss of subsidies to commercial farm operation and protection of development farm land tax reliefs
- The advantages of 'associated disposals' and other considerations for business asset disposal relief opportunities
- Equalisation agreements and tax planning around pooling
- Grazing agreement without activity - risk to tax relief on development land - Consideration - Gill case
- Weak contract farming agreements - risk to tax reliefs on development land
- Rollover relief - increased pressure with business asset disposal relief
- Development land - in or out of the balance sheet?
- Foster - valuation of hope value - ‘top down’ ‘bottom up’
- The importance and risks of the executor with development potential
- Rollover into ‘AIM’ investments and farm improvements
- Graham, Vigne - impact of lavish services to protect development of diversified businesses
- Farm storage and services to achieve potential and tax planning, e.g. the caravan and the hamper
- Farming disputes (James, Ham, Davies, Guest) and the influence on development land
- Overage and slice of action schemes
- Tax planning around the Family Investment Company (FIC) for proceeds
- The promotion agreement and tax protection
- Non-agricultural use for brownfield sites - advantages for development
- CGT base cost identification
- Improving the rollover relief
- Rollover into the farmhouse - the risks
- The interaction of principal private residence relief
- The importance of ensuring registration of land at early stage
- Rollover - Leeds Cricket - Decision Advantage
Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.