Rural Tax: Know the ABC

Thursday 23 February 2017: 4pm – 7pm

Junction 24 Ltd, Sedgemoor Auction Centre, Market Way, North Petherton, Somerset TA6 6DF
Price: £30 inc VAT CLA members (additional family members FOC); non-members £40; Students & YFC members £5

Non-members who join on the day will have their event fee refunded

Supported by: Porter Dodson & Francis Clark

Although taxation is a necessary evil there are things you can do to minimise your tax bill. We have an excellent line up of speakers who are experts in their field and will do their best to sweeten the taxation pill for you. How is agriculture viewed by HMRC? What are the tax pros and cons of different business structures? What are capital allowances and how can they help my business? What are the key considerations and reliefs available when passing assets on to the next generation? How do you minimise capital gains tax on development land and VAT on construction work? What is the general tax outlook and how does CLA influence it? If you want to make the right tax decisions and avoid expensive mistakes, this is the seminar for you.

Agenda:
4.00 Registration & Coffee
4.30 Tax Policy Outlook, Louise Speke, CLA Chief Taxation Adviser
General comments on Tax Policy ‘direction of travel’ looking forward; CLA’s role in influencing policy and advising members on tax issues
4.50   A is for ‘Agriculture,’ Louise Speke, CLA Chief Taxation Adviser
Explanation of the definition of agriculture for tax purposes and the general tax treatment of agricultural businesses by HMRC
5.00 B is for ‘Business’, Francis Clark
A review of the tax considerations of different Business structures (Sole Trader, Partnership, Ltd Company, Contract Farming, Share Farming)
5.30 Q & A
5.40 Comfort Break
5.50 C is for ‘Continuity’, Kate James, Partner, Cathryn Smith, Associate, Porter Dodson Solicitors
Inheritance Tax Planning, Agricultural & Business Property Reliefs, HMRC treatment of ‘Farmhouses’ and of ‘trading’ vs. ‘investment’ activities, relevance of key cases such as the ‘Balfour’ case. Wills, Trusts and Power of Attorney
Tax Planning for Succession; Overcoming Family Breakdown
6.30 D is for ‘Diversification & Development’ Francis Clark
Use of Capital Allowances; Capital Gains Tax & Development land  including options over land
Louise Speke, CLA Chief Taxation Adviser – Stamp Duty Land Tax on buying farms – the future of the ‘mixed use’ category. VAT & construction work – the impact of certain planning conditions.
7.00   Q & A - Tea & Depart

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