Various statistics show that just under one-third of the farmland in the UK is farmed under a tenancy of over a year. Those tenancies are split fairly equally between farm business tenancies (FBTs) and Agricultural Holdings Act 1986 tenancies (AHAs). Given every tenancy has two sides to the arrangement – the landlord and the tenant – this affects a lot of taxpayers and tax advisers. With all the changes under way – a theme running throughout our Taxation articles (for example see ‘All change’ 25 February 2021) – everyone involved needs to be aware of the importance of the accounts and tax treatment moving forward.
Given all the developments that are happening in the farming industry with lack of profitability and the move to ‘farming for the environment’ along with the Rock Review more farm tenancies are changing (see ‘Under pressure’ Taxation 9...
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