However, farmers must be aware of the potentially dangerous inheritance tax implications in diversifying their business.
Changes in how land is used can affect the farmer's entitlement to Agricultural Property Relief (“APR”) for Inheritance Tax (“IHT”). APR is a valuable
relief for owners of rural property but it can cause problems when farmers
diversify i.e. if agricultural land and buildings are adapted for alternative purposes they may not be entitled to APR.There
are also important rules regarding not only the occupation but the length of
ownership of the property. Farmers and land owners who have decided to change,
or are considering changing, the use of their land, should be aware that they
can lose APR. If they do so, to mitigate IHT, they must try and ensure that
they qualify for the alternative, Business Property Relief (BPR.)
Anne Elliott is a
member of the Agricultural Law Association, as well as a Recommended
Professional for the Tenant Farmers Association. In 2011, she was cited in the
prestigious Legal 500 directory for both her work on Inheritance Tax and in the
category of Agriculture and Estates. This was followed by a recommendation in
Chambers 2012 for her expertise concerning, among other areas of law, the
Agricultural Holding Act.
10 comments:
Tax planning also applies to various types of employee benefits that can provide a business with tax deductions, such as contributions to life insurance, health insurance, or retirement plans.
business tax planning
Tax planning also applies to various types of employee benefits that can provide a business with tax deductions, such as contributions to life insurance, health insurance, or retirement plans.
business tax planning
In the UK, the retrospective of some of the laws against the use of tax avoidance schemes, and later announced that it has few opportunities of Tax avoidance.
company tax avoidance
An Employee Benefit Trust is a trust which can be established either in the UK or offshore and which is set up by a company to hold cash and other assets, for example shares, as a tax efficient way to provide benefit to employees and their families for the purpose of attracting and retaining quality staff.
employee benefit trust
Employer-financed retirement benefits schemes (Efrbs) are discretionary trusts set up by an employer to provide benefits for an employee.
EFRBS
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