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Tax - Farming and Rural Business

View articles related to tax in the farming and rural industries.

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Undue influence and farm tax planning

There have been three recent tribunal cases where the tax treatment of expenditure by the taxpayer was determined to be “revenue” in nature as opposed to capital expenditure, eg, Pratt, Hopegear and Cairnsmill.

Class 4 NIC and trading losses

Have your farming clients overpaid Class 4 NIC? Or more importantly, have they not obtained a repayment they may be due? Class 4 NIC rates increased in 2011 and this helps highlight the tax planning opportunity of the offset of trading losses against the Class 4 NIC liability. This can be of particular importance with regard to the farming industry.

Furnished Holiday Lets: tax in practice

When the proposed Furnished Holiday Let (FHL) tax changes were announced (or unsubtly slipped in a note under the door) on 22 April 2009, i.e. that FHL tax advantages were to disappear from 5 April 2011 there was uproar and much slamming of holiday home doors. The current FHL tax position which shows a tightening of the tax rules but not the loss of all of the advantages has brought huge relief (pun) to the UK tourist industry and the owners of FHLs.

Partnership agreements and property

Partnership disputes come at a cost, whether it is commercial, financial or personal. Setting out the terms of the partnership in a formal written agreement can often avoid such disputes and at the very least, assist in resolving them.

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