Concise Rural Taxation (formerly Taxation for Students of Rural Land Management) is now an annual publication. This year’s edition is now available.It originated as a series of notes for second year students on the BSc Honours Degree in Rural Enterprise and Land Management at Harper Adams University, to accompany their lectures and tutorials. Over the years the original series of notes has grown and developed, and more and more former students and others have asked to be able to buy an up-to-date copy as they have prepared for the professional examinations of the Royal Institution of Chartered Surveyors, and the Central Association of Agricultural Valuers. The following taxes are covered:
- Income Tax, including Business Profits, Annual Investment Allowance, treatment of cars, the herd basis, loss relief. New for this year is the latest information on profit averaging, now available over five years as well as two; the latest changes to income taxation on residential let property including interest relief and repairs and replacements.
- Capital Gains Tax – including Entrepreneurs’ Relief, the two sets of changes in 2010, the introduction of differential rates for different assets in 2016 and apportionment of property valuations for differential CGT.
- Inheritance Tax
- Trusts and Settlements – including Mainstream Trusts under the Finance Act 2006
- Value Added Tax, farming and the rural estate, partial exemption, the de minimis rules and the introduction of alternative de minimis tests in 2010
- A chapter deals with a number of specific tax issues for rural land managers, including valuations, land compensation and taxation, the principal residence exemption from CGT, Single Payment Scheme, Pre-Owned Asset Tax, lease premiums, SDLT and the tax implications of letting land, furnished holiday lettings, Annual Tax on Enveloped Dwellings and SDLT. This includes the latest and far reaching changes to SDLT on residential property.
- An introductory chapter also deals with the administration of national taxation in the United Kingdom and the final chapter highlights reliable sources of tax information on the internet.
- More HMRC weblinks than ever; FRS 102, FRS 105 and the new UK GAAP – implications for stocktaking valuations; cash accounting for income tax and the £500,000 Annual Investment Allowance