1
Type Speaker CPD Hours Level
3 IntermediateInformation
Accreditation Information
SRA Competency B

Introduction

This live broadcast session will consider how to tax plan for farm development land in terms of inheritance tax and capital gains tax for farmers with links to income tax and corporation tax. The session will cover tax planning around small and large developments post Boris’ statement to ‘build, build, build’ and the proposed reform of the Town and Country Planning Act 1947.

It will also consider rollover and business asset disposal relief (BADR) with the drop to £1 million limit and the emergence of the rollover buyer. There will be links with the need to incorporate development land tax planning into full farm succession planning.

Find out how to move forward with tax protection and planning 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:

  • The influence of the £10million limit for BADR on all farm development land
  • Increased potential for small farm developments, permitted development sites
  • Boris statement on building more houses The summer statement on residential SDLT and impact on mixed rate SDLT The country property boom post COVID-19 and working at home
  • 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 to protect the tax and dispute
  • 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 and Rollover
  • Balfour mix - OTS review of IHT - trading % - to 80%
  • The equine loss and farm loss claims and impact on BPR commerciality - impact of the Cliff case on the need for evidence
  • 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 of the Gill case - the “working farmer”
  • 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? Partnership or non-partnership
  • 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, Horsford) and the influence on development land tax planning
  • 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
  • VAT registration and “opt to tax”
  • Tax planning and the pony paddock (new residential CGT return)
  • CGT base cost identification
  • Improving the rollover relief opportunities through trading
  • Rollover into the farmhouse - the risks
  • The interaction of principal private residence relief and the garden
  • The tax planning protection of ensuring first 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.

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Learn Live | 01.09.2021

N/A | 10:15am - 1:15pm


Development Land & Farming - A Tax Planning Guide - Live at Your Desk

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Sep
1
2021
 
10:15am - 1:15pm

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Discounts are available for multiple places. If you have 4 or more people interested in participating in this virtual learning session please email us at information@mblseminars.com for more information.

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