Stanley: Taxation of Farmers and Landowners

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This popular title deals fully with the implications of all taxes for landowners and farmers and takes account of the changed economic climate for farming in Britain.
* Discusses the latest developments in inheritance tax, capital gains tax, valuation of agricultural tenancies and VAT
* Includes guidelines, worked examples and checklists for a more practical explanation of a complex subject area

Taxation of Farmers and Landowners

In this Issue
Issue 46
June 2020


Issue 46 includes:

Please note that the Agriculture Bill 2019–21 is due to have its second reading on 10 June 2020 so there may be changes to the legislation in due course. These changes will then be reflected in Stanley where applicable.

  • Further proprietary estoppel cases – Guest and Horsford at [1.21]

  • Phasing out of BPS (direct payments will continue under the Direct Payments to Farmers (Legislative Continuity) Act 2020) at [1.46]

  • The importance of farm accounts, MTD and the Land Capital Account at [1.49]

  • Need for binding independent tax, accounts and legal advice at [[1.52]]

  • The Coronavirus (COVID-19) rescue package at [1.53]

  • The huge significance of the COVID-19 crisis on the future of our tax system at [1.58]

  • Rewilding and eco-tourism as agriculture at [2.40]

  • Impact of COVID-19 on income tax loss claims at [2.98]–[2.103]

  • Cliff v HMRC – more than just an equine loss claim at [2.113]

  • Equine stocks and impact of COVID-19 at [3.73]

  • The impact of the Gill v HMRC case on the UK grazing agreement at [4.28] and generally Chapter 8

  • Reform of CGT, loss of ‘letting relief’ on buy-to-let property market and impact of COVID-19 on residential sales at [4.36]

  • Investment rental properties – accounts disclosure and deferred tax at [4.37]

  • Impact of COVID-19 on maximising AIA claims to 31 December 2020 at [5.13]

  • HMRC’s increasing focus on capital allowances at [5.19]

  • Reconciling equipment for accounts and tax purposes at [5.20]

  • Capital allowances in ‘common parts’ of rental properties at [5.21]

  • Increase in the structures and buildings allowance to 3% and a review of its impact at [5.29]

  • Corporate tax update at [6.41]

  • Latest changes to entrepreneurs’ relief (now renamed business asset disposal relief) at [7.32]

  • Entrepreneurs’ relief and trustees’ disposals – Quentin Skinner settlement case at [7.39]

  • Changes to main residence relief made by Finance Bill 2020 at [7.55C] and [7.55E]

  • Hold-over relief for certain disposals of private residences at [7.81]

  • Critical review of tax reliefs likely as a result of the COVID-19 crisis including those applicable to IHT at [8.1]

  • IHT reservation of benefit and the circumstances in which it is not possible to make good the benefit and avoid a charge at [8.10]

  • IHT reservation of benefit and gift of undivided share in land – no application to joint tenancies at [8.11]

  • VAT treatment of shrubs and ornaments at [9.140J]

  • SDLT and dealings with land after transfer of it to a partnership at [10.77]

  • National Insurance Contributions rates updated at [12.21]

  • Woodland update – including the Woodland Carbon Guarantee Scheme and the importance of `natural capital’ at [13.39]

  • Recent reviews of IHT generally at [15.17]

  • Age 18–25 trust where beneficiary attains 18 within two years of death of testator – IPDI treatment at [15.115]

  • Hold-over relief when beneficiary becomes entitled to land from a trust – reduced risk of recapture if beneficiary becomes non-resident at [15.119]

  • Probate valuation – Foster v HMRC case and hope value at [16.32]

  • The importance of equine loss evidence at [17.21]

  • HMRC’s current stance on the application of CGT main residence relief where an interest in a home is held in trust at [18.14]

  • Temporary arrangements for submission of IHT returns during the COVID-19 crisis at [19.58]
  • Contributors

     Julie Butler Author
     Malcolm Gunn Author