Displaying 1-10 of 86 results
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Overseas Entities - annual update
- Article
- 31 Oct 2023
In 2022, the government introduced a requirement for overseas entities who own land in the UK to register with Companies House. The original deadline was 31 January 2023. The requirements do though also come with an annual review requirement members should not forget.
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HMRC enquiries
- Article
- 31 Oct 2023
Following a relatively quiet time, our group has seen a marked increase in enquiries from HMRC. Most seem targeted in two areas: property transactions and research and development claims.
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The view from the Chair
- Article
- 31 Oct 2023
Harvest 2023 has now been largely gathered in. Combinable crops appear to be described as “an ok average” by many farmers whom I have spoken to, with many commenting figures will not be as good as 2022. The market has certainly fallen away from the highs of 2022 on pricing and much higher input costs were experienced by many. Those who did sell early are also having pricing issues, as crops are somewhat below the expected quality, hence they are seeing deductions from their headline price.
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Development land tax pitfalls – deferred consideration
- Article
- 27 Oct 2023
Despite all the news about the housing sector slowing down, the demand for farmland for development has remained strong, with reduced profit margins due to costs. Tax on the sale of land for development can be very complicated. In most cases the gain on the sale of land should be chargeable to capital gains tax (CGT) but in some cases the profit can be charged to income tax and this takes considerable planning in advance.
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Constant clashing on mixed usage SDLT
- Article
- 26 Oct 2023
Stamp Duty Land Tax (SDLT) planning is important when buying a farm or selling part of farms “tax efficiently”. SDLT has been both in the headlines and subject to mailshot by “ambulance chasing” tax advisers looking for SDLT refunds. The case of Henderson Acquisitions Ltd v HMRC [2023] (TC8922) is an example of advisers looking for refunds of SDLT following the Bewley (TC6951) case on what qualifies as a derelict/unsuitable building and therefore be able to claim the non-residential rate of SDLT.
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Fair pay. It’s a start
- Article
- 25 Oct 2023
The rural economy has probably not faced so many challenges at once since the last world war.
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Rising interest rates and falling numbers of tax returns don’t always match
- Article
- 25 Oct 2023
The impact of rising interest rates on those with variable rate mortgages has been well publicised. However, not everyone is affected and those on fixed rate mortgages may have seen no difference at all in their monthly mortgage payments, and, for the time being at least, may wonder why there is a problem. For those with money in the bank and, despite the fact that lenders are generally much quicker to raise their mortgage rate than to raise the amount they pay out to their depositors, things have been looking much rosier. Interest receipts are already visibly higher in the 2022/23 tax return ...
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Applying for extension of Business Asset Rollover Relief reinvestment limits in practice
- Article
- 24 Oct 2023
The reinvestment time limits are set out in s152 (3) TCGA 1992, which requires the new asset to be acquired in the period beginning 12 months before and ending 3 years after the disposal of the old assets or such earlier or later time as the Board may by notice allow.
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What are the new CPD requirements?
- Article
- 24 Oct 2023
Many members will already be aware of the CPD changes which will take effect in the near future. For those of more advanced years, the new format will be familiar and is reminiscent of the regime which existed in the 1980s and 1990s.
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Temporary recreational campsites
- Article
- 29 Aug 2023
A change to planning law that frees up farmers and landowners to provide more camping pitches could offer a lifeline to struggling rural communities. Rural tourism accounts for a large amount of domestic tourism.
Displaying 1-10 of 86 results