Future of farming

KEY POINTS

• Farmers are finding additional non-farming methods of generating income from farmland.
• Values for agricultural property relief and business property relief may not be the same.
• The available relief can be halved where business assets are held off the business balance sheet.
• Investment assets can still be eligible for relief if when looked at “in the round” a business is being carried on.
• The importance of ascertaining the true ownership of assets in a a farming business.

In recent years an increasing number of farmers and landowners have considered wind turbines and photovoltaic (PV) electricity generating units as a way of diversifying and increasing the income from their property.

With the recent introduction of permitted development rights that allow redundant farm buildings to be converted into...