Purchase, sale or disposal of a ‘lifestyle farm’

There have been many negatives written about the ‘lifestyle farmer’ (or ‘lifestyler’ as they are known) by the farming press. The generic advantages are considered to be providing employment investing capital into agriculture helping improve farms and the like. But what are the particular tax advantages of buying a farm in the UK since the Agriculture Bill 2020 the Tory landslide the ‘Boris budget’ 2020 and now the Covid-19 lockdown. Back in 2004 the article ‘What future lies ahead?’ looked at the effect of tax legislation on the future of farming in the UK (Taxation 15 July 2004 page 399). Since then one impact on the industry is the increase in these lifestyle farmers who have been ‘basking’ in the positive tax reliefs and farm subsidies.

Many might argue...