Tax Tribunal unable to decide whether asparagus growing is farming or market gardening
The Upper Tax Tribunal has been unable to determine whether growing asparagus for sale is considered as farming or market gardening for the purposes of tax. The appeal case, which was heard in London on 27 June, was brought by a Mrs Thorne, and centred around the ‘sideways’ loss relief she claimed on her 2008-2009 […]
Warning over HMRC proposals that will hamper succession planning
Farmers could face steep hikes in Inheritance Tax if new HMRC proposals regarding succession planning come into force, warns rural accountant Old Mill. Currently, landowners can put properties into trusts in order to hand them over to the next generation; often saving Capital Gains Tax and Inheritance Tax in the process, says head of rural […]
Landfill Tax Bill welcomed by Finance Committee
The Bill is the second bill introduced by the Scottish Government as a result of the Scotland Act 2012. The Act devolved powers to the Scottish Parliament to levy taxes on land and buildings transactions and on disposals to landfill from April 2015. Having heard evidence concerning the potential for “waste tourism”, involving the cross-border […]
IHT debt relief reprieve
The Government has partially reversed its unexpected attack on debt relief on inheritance tax introduced in the Finance Act in April this year. The proposals would have seen existing and new debts being set against assets that already qualify for relief against inheritance tax, such as farmland, with the result being that no relief would […]
Huge Tax Liabilities on the Horizon
“One of the consequences of the tax system is that changes are often announced long before the effects make themselves felt; this is particularly pronounced for the self-employed,” said David. The reduction in Annual Investment Allowance (AIA) which was announced in the 2011 Budget will only really make itself felt in January 2014. At the […]
