The Complexities of Equine Assets & Tax Explained - Live at Your Desk
This live broadcast session will consider all areas of equine tax planning.
Many firms of accountants, solicitors and tax advisers have clients with equine assets and interests with associated tax issues that can be extremely complicated, especially full competition yards and studs.
With greater farm diversification the role of the horse and equine operation has become more critical to farming income streams, including haymaking for horses, increased liveries and competition horses. The leading IHT Upper Tribunal case of Vigne has brought the horse into the tax spotlight as has the equine loss case of Cliff. Vigne looks at the importance of services to achieve BPR for IHT. Post COVID-19 with the move to working at home, in the country the pony paddock has also become a tax focus.
This new live broadcast will consider the full tax and VAT issues in the equine world in pre and post COVID-19 business survival. Julie Butler is author of Equine Tax Planning together with Tax Planning for Farm & Land Diversification and the broadcast therefore has a wide view on all areas equestrian.
What You Will Learn
A full update on all Equine Tax Issues ranging from dedicated equestrian business and competition yards to diversifying farmers.
This live and interactive session will cover the following:
- COVID-19 impact on restrictions and equine business survival
- HMRC aggressive approach to equine loss claims - Cliff, Thorne
- The badges of trade v hobby - the fine line
- BPR and general equine activities - Proof of commerciality - the importance of the equine business plan, Vigne at Upper Tribunal
- Stud farming & income & APR
- Vigne - enhanced livery, Upper Tribunal positive decision for BPR
- Tax efficient stallion disposals
- Impact of Business Asset Disposal Relief (BADR)
- The stud farmhouse and RNRB
- Equine IHT enquiries and the HMRC approach
- 11 year hobby farming loss rules for the stud - need for business plans
- VAT and livery complexities - zero, exempt, standard
- VAT and teaching as an exempt supply
- Racehorse ownership - VAT claims and tax planning
- Tax efficient equine sponsorship for corporates and competitors
- Tax planning & equine diversification - riding schools, polo, showjumping, dressage and eventing
- Horse dealing and ‘pinhooking’ tax planning
- The equine probate and divorce considerations
- The equine business and equine development land tax planning
- Allowing for private usage in VAT, income tax and capital taxes
- The impact of COVID-19 on the equine stock valuation and the cost of keep
- Tax treatment of haymaking for horses
- Thorne - the need for forensic identification of the operation
- Partial exemption for VAT
- Opting to VAT on equine developments
- Sharkey v Wernher and the transfer to stud stock at market value
- Racing interaction with breeding
- COVID-19 travel restrictions increase the value of the horse as a PET
- Farm diversification and the equine operation, the Agriculture Bill impact
- The ‘rollover buyer’ converting a farm into a stud, the plethora of tax reliefs IF structured correctly and commercial
- Reduction of the £10 million BADR limit to £1 million - impact on the “Rollover Buyer”
- The importance of good books and records, strong MTD and superb trail of evidence on all equine clients
- SEISS update - Self Employed Income Support Scheme for the small equine business
- COVID-19 impact on the “pony paddock” - tax planning
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.