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Property prospects
Key points
- Commercial political and tax issues may highlight advantages to sales of residential farm properties.
- Changes to the rules on capital gains tax lettings relief and deductions for interest payments.
- New advanced reporting and tax payment obligations.
- Residential sales may enhance business property relief prospects.
Farms face much uncertainty – Brexit an elderly farming population worries over loss of subsidies and profitability – and there has been much discussion about farm sales. This might be the whole farm or residential cottages for tax planning and farm survival reasons. The article by Gavin Fernandes (‘2020 vision’ Taxation 1 August 2019 page 18) highlighted the forthcoming changes to lettings and interest relief in April 2020 and from the same time UK residents will also have to file a capital gains tax return if a direct disposal of UK residential property has realised a chargeable gain. The...
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