Development Land & Farming - A Tax Planning Guide - Live at Your Desk

Introduction

This live broadcast session will consider tax planning around farm development land in terms of inheritance tax and capital gains tax for farmers with links to VAT, income tax and corporation tax. The session will cover tax planning around small and large farm developments post Boris’ statement to ‘build, build, build’ and the proposed reform of the Town and Country Planning Act 1947. Ironically, the Planning Bill has now been scrapped and we look at the impact on farmers.

It will also consider rollover and business asset disposal relief (BADR) with the drop to £1 million limit and the emergence of the “rollover buyer”. There will be links with the need to incorporate farm development land tax planning into full farm succession planning.

Find out how to move forward with tax protection and planning with a farming client with potential development land for housing against a background of massive changes to farming.

What You Will Learn

This live and interactive 3 hour session will cover the following:

• The scrapping of the Planning Bill
• The influence of the loss of the £10million limit for BADR on all farm development land to £1million
• The role of incorporation following the super-deduction on farm development
• Residential Property Developer Tax (RPDT) and s.106
• The impact of Agriculture Act etc and potential loss of subsidies to commercial farm operation and protection of development farmland tax reliefs
• Equalisation agreements and tax planning around pooling
• Grazing agreement without activity - risk to tax relief on development land - Consideration of the Gill case - the “working farmer”
• Weak contract farming agreements - risk to tax reliefs on development land
• Foster - valuation of hope value - ‘top down’ ‘bottom up’
• Rollover into ‘AIM’ investments and farm improvements
• Graham, Vigne - impact of lavish services to protect development of diversified businesses
• Overage, slice of action schemes and opt to tax
• The promotion agreement v the option agreement and tax protection
• CGT base cost identification and planning
• Improving the rollover relief opportunities through trading
• Development of principal private residence relief and the garden - Phillips
• Budget 2022
• Sale of Carbon Credits and “green washing”
• Developing listed building - VAT negative of Richmond Hill
• Mixed rate SDLT - How Developments
• Developing buildings - plan ahead for VAT - Blaenau Bach Farm

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.