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Tax - Farming and Rural Business

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Success in removing the hobby farming restriction

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CJ and MA French v HMRC TC04053 decided in the appellants’ favour, which provides a helpful summary of how the five-year clock is established for the limitation of sideways loss relief.

Making a will won't kill you

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Changes to the intestacy rules require careful consideration for those who do not have a current will.

Undue influence and farm tax planning

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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

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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.

Active farming: importance of evidence

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A recent case Deborah Evelyn (TC997) can be seen to emphasise the need for the activity of “active farming” in order to secure the establishment of a trading activity/business to achieve tax relief.

Tax credits to be withdrawn

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Tax credits are to be phased out between 2014 and 2017 and will be replaced with a new Universal Credit.

The Equine Business and business plans

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It is well known that it can be difficult to be profitable with any business that involves horses. The infrastructure costs are high and areas of the sport are not as focussed on commercial gain as some other sports, however there are profits to be made from a well run equine business.

Furnished Holiday Lets: tax in practice

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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

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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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