‘Lifestyle’ Farm Purchases & Estate Planning - The Pros & Cons Explored

Introduction

The purchase of a farm by a ‘lifestyler’ can be very tax efficient.

This virtual classroom seminar will set out the advantages and disadvantages of the purchase as an estate tax planning tool whilst looking at current changes in farming and diversification.

With the reduction in the BADR limit from £10million to £1million, the use of rollover relief to buy the lifestyle farm has become more attractive for some clients and the demand does not seem to have weakened for the right farm.

What You Will Learn

This live and interactive session will cover the following:

• Warnings on the hobby farming traps
• ‘Wealth escaping’ IHT through APR and BPR (with HMRC scrutiny)
• The ability to rollover gain from previous business/development into purchase and improvements to the farm
• The input input VAT claim on work to enhance the farm
• The efficient use of sideways income tax loss relief offset against other income (25% cap) and CGT at 100%
• CGT utilisation of BADR/rollover relief on potential subsequent sale/development of part of the farm
• The mixed rate SDLT advantage on purchase and on possible sale of elements e.g. cottages with land
• The tax efficient lifestyle advantages

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.