Rural Business – December 2020

13 Dec 2020

sheep in field

Our December issue of Rural Business contains the following insights:

Buying a farm or land: the tax considerations
What should purchasers of farms or farm land think about before going ahead with a transaction? We consider some pre-completion pointers on how to structure the purchase, plus some wider tax and VAT considerations. Read more.

Septic tanks and tax relief
A change in regulations back in 2015 set 1 January 2020 as the deadline for replacement of old-style septic tanks. In our article, we look at the available tax reliefs for making this improvement, and more generally at the various allowances available to taxpayers making repairs and improvements to their property. Read more.

The OTS recommends CGT reforms
The Office for Tax Simplification recently published a report recommending wide ranging reform of capital gains tax (CGT), outlining potential changes to rates and boundaries, the annual exempt amount, capital transfers and business reliefs. With CGT rates currently at a relatively low rate of 20% for all assets other than residential property (where the rate is 28%), there is speculation that the rate will increase as the government seeks to raise additional tax revenue to pay for this year’s Coronavirus support measures. Read more.

I hope that you find this issue interesting and informative. Should you wish to discuss any of the issues raised in this newsletter, please contact me or your usual Saffery Champness partner.

David Chismon, Editor

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