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The farmhouse
KEY POINTS
- Tax planning around farms and farm properties can be complicated by family relationships.
- Jointly-owned properties can prejudice valuable tax reliefs.
- VAT savings can arise because a new residential property after demolition would be a ‘new build’ and zero rated.
- Advantage can be taken of the 5% rate if farm residences are unoccupied for two years before the work starts.
- Expenditure on improvements and repairs to a farmhouse should be subject to analysis regarding business and non-business use.
With the current elderly profile of farm ownership in the UK much tax planning is needed around succession and potential sales of the whole farm – or perhaps just the farmhouse – to raise liquid funds. Many UK farms are owned in joint names and this can cause problems on the...
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