It is the time of year when farms and farm buildings change hands. Here we explore the tax issues that need to be considered – both Income tax and Capital Gains Tax.
Andrew Robinson gives examples of how farmers are adapting their farming methods for the future, and reaping the benefits, rather than looking sceptically over the hedge at those doing "different things".
It is common for traditional farm buildings to become unsuitable for modern farming methods, or for a change in farming policy to result in empty buildings. It may make sense to refurbish these buildings so that they can be rented out for non-farming use, and in this article, we will look at the VAT issues that might arise.
With all of the changes that have occurred recently within Parliament, it is easy to lose track. Here we will try to summarise the tax changes that will impact farming businesses, as it now stands, in late October.
There is no sign of any relief from the increased cost of fertiliser, fuel, feeds, etc in the coming months. Selling prices of most commodities have also increased, but whether the increased income is sufficient to cover the increased costs is another matter.