Tax Planning for Farm and Land Diversification

Increasingly those running a farming business need to look closely at opportunities to diversify their revenue streams as the more traditional activities become less sustainable on their own. This title is written for the accountants, tax advisers and others who have these businesses or individuals as their clients. It explores the tax planning opportunities available in different circumstances such as re-use of redundant buildings and planting more woodland. Relevant cases are considered throughout as is the increasing focus of HMRC towards the reliefs available to farmers.

The sixth edition covers a number of important new developments:
- the Agriculture Bill 2019-20 which has the main aims of reforming UK agriculture policy, replacing the current subsidy system, supporting land-owners and farmers in the transition away from the Common Agricultural Policy and introducing a new Environmental Land Management scheme
- the results of the consultation on tenancy reform
- New CGT returns from 5 April 2020 (need for a 30-day disclosure)
- The new Annual Investment Allowance set at £1 million
- Implications from the pressure to plant more trees (and promise of more subsidies) to increase the profitability of woodland
- The tax impact of ‘rewilding’ and ‘agroforestry’