‘Lifestyle’ Farm Purchases & Estate Planning - The Pros & Cons Explored
The purchase of a farm by a ‘lifestyler’ can be very tax efficient.
This virtual classroom seminar will set out the advantages and disadvantages of the purchase as an estate tax planning tool whilst looking at current changes in farming and diversification.
With the reduction in the BADR limit from £10million to £1million, the use of rollover relief to buy the lifestyle farm has become more attractive for some clients.
What You Will Learn
This live and interactive session will cover the following:
- ‘Wealth escaping’ IHT through APR and BPR (with HMRC scrutiny)
- The ability to rollover gain from previous business/development into purchase and improvements to the farm
- The input VAT claim/benefit of work to enhance and diversify the farm
- The efficient use of sideways income tax loss relief offset against other income (25% cap) and CGT at 100%
- CGT utilisation of BADR/rollover relief on potential subsequent sale/development of part of the farm
- The mixed rate SDLT advantage on purchase and on possible sale of elements e.g. cottages with land
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.