Stanley: Taxation of Farmers and Landowners
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Commentary
Source Currency: Issue 54 June 2024
This issue includes the main 2024 budget changes for farmers and landowners including the expected abolition of the furnished holiday lettings scheme with loss of reliefs from April 2025, APR extended from 6 April to land managed under an environmental agreement, joint Treasury and HMRC working group appointed to clarify the taxation of ecosystem service markets and APR will not be restricted to farm business tenancies exceeding eight years in term. There is also commentary on: the negatives of letting old farm cottages, eligibility for BPR and the importance of trading or property owning in relation to a barn let for weddings (Butler v HMRC), a focus on tenancy dilapidations and improvement compensation, camping pods and claiming capital allowances, VAT and barter, new no gain/no loss treatment for transfers on divorce, IHT to be based on residence tests rather than domicile, IHT agricultural relief to be available for land within environmental schemes, update on DIY Housebuilders Scheme and holiday homes (Spani v HMRC), abolition of SDLT multiple dwellings relief, new extensive credit relief available where IR35 is retrospectively applied, no CGT uplift on death of partner for his/her share of partnerships assets which accrue automatically to the continuing partners and accounting for vineyards (tax planning and English sparkling wine).
This issue includes the main 2024 budget changes for farmers and landowners including the expected abolition of the furnished holiday lettings scheme with loss of reliefs from April 2025, APR extended from 6 April to land managed under an environmental agreement, joint Treasury and HMRC working group appointed to clarify the taxation of ecosystem service markets and APR will not be restricted to farm business tenancies exceeding eight years in term. There is also commentary on: the negatives of letting old farm cottages, eligibility for BPR and the importance of trading or property owning in relation to a barn let for weddings (Butler v HMRC), a focus on tenancy dilapidations and improvement compensation, camping pods and claiming capital allowances, VAT and barter, new no gain/no loss treatment for transfers on divorce, IHT to be based on residence tests rather than domicile, IHT agricultural relief to be available for land within environmental schemes, update on DIY Housebuilders Scheme and holiday homes (Spani v HMRC), abolition of SDLT multiple dwellings relief, new extensive credit relief available where IR35 is retrospectively applied, no CGT uplift on death of partner for his/her share of partnerships assets which accrue automatically to the continuing partners and accounting for vineyards (tax planning and English sparkling wine).
Contributors
| Julie Butler | Author |
| Malcolm Gunn | Author |
