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Tax planning opportunities for farmers considering land development
KEY POINTS
- Entrepreneurs’ relief may be more useful than rollover relief for many farmers looking to sell development land.
- The case of Rice shows how a significant change in the way a business is operated may be sufficient to create a cessation qualifying for entrepreneurs’ relief.
- The reduction required in a partner’s or shareholder’s interest to qualify for an associated disposal is a debated topic; HMRC’s example is from 60% to 20%.
- Other issues such as the full year of ownership must be carefully planned for.
With so many development opportunities presenting themselves to landowners the ability to claim efficient tax reliefs is being looked at closely by all concerned.
While the most obvious tax saving strategy might be rollover relief not all landowners who farm want to roll over the gain.
Although...
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