A family farming partnership, spanning two parents and their son, wanted to take action to avoid paying 40% tax. The introduction of a new partner meant that their earnings would be split across four partners instead of three, reducing the income levels for everybody, bringing them all below the 40% tax threshold.
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Latest News & Events
Brexit two months on: How has the rural sector been affected?
Since the UK voted to leave the European Union on 23 June much has already begun to change, with widespread uncertainty as to what the outcomes and repercussions of this decision may be.
Budget comment: farmers averaging
Farmers will welcome the Chancellor’s announcement today that the ‘farmers averaging’ tax rules, designed to limit excessive fluctuations in farmers’ tax bills can now be applied over five years rather than over just two consecutive years.
Luxury horsebox owners scrutinised by HMRC in clampdown on rural tax evasion
HMRC is scrutinising taxpayers that it suspects are dishonestly claiming horseboxes worth hundreds of thousands of pounds as company expenses.
Can the next generation see the wood for the trees?
As we stand today, the planting of woodlands either on a commercial basis or for the greater good of the planet does not feel like it will generate a financial return for at least many years to come. However, the possibility of significant tax exemptions and synergies with the farm could make a woodland venture a credible opportunity worth considering in the farm’s overall future plan.
Rural and Agriculture Sector Outlook 2019/20
In this year’s Outlook, our rural specialists share their insight to help inform your decisions for the future, as well as giving their top tax planning tips, discuss commerciality and diversification, Making Tax Digital, and much more.
Rural and Agriculture Sector Outlook 2018/19
As Brexit draws closer, there is much uncertainty across the rural and agriculture sector, making it difficult to plan ahead. In this year’s Outlook, our rural specialists share their insight to help inform your decisions for the future, as well as giving their top tax planning tips and much more.