½ΫΧΣΚΣΖ΅

Agricultural buildings

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance

Agricultural buildings

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance
imgtext

This guidance note summarises the treatment of agricultural buildings in farms including what capital allowances can be claimed, the assessment of farm buildings which are let out, repairs and renewals and the possible effect of having redundant farm buildings on tax reliefs.

More details of the IHT position of specific buildings can be found in the following guidance notes:

  1. β€’

    Agricultural tenancies

  2. β€’

    APR and the farmhouse

  3. β€’

    APR and farmworkers' cottages

  4. β€’

    Agricultural value and development value

Definition of plant not building

A large amount of expenditure in relation to a modern building relates to items of plant and machinery. The farmer or landowner may identify such expenditure and claim the appropriate capital allowances and annual investment allowance (AIA) in accordance with the rates available. These are generous with the AIA limit at Β£1,000,000. All appropriate conditions must be met. See the Annual investment allowance (AIA) guidance note for more information.

The ability to claim AIA on plant applies as much to a second-hand building as a new one. It can be quite normal practice for

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+β„’
Powered by

Popular Articles

Group relief for carried-forward losses

Group relief for carried-forward lossesThis guidance note examines in detail the relief available to groups for carried-forward losses. The scope excludes the treatment of specialist businesses such as banks, insurance companies and oil and gas companies.From 1 April 2017, companies can surrender

14 Jul 2020 11:50 | Produced by Tolley Read more Read more

Foreign exchange issues

Foreign exchange issuesOverview of foreign exchange provisionsForeign exchange (FX) movements are generally taxed following the rules applicable to the underlying income, expenditure, asset or liability on which they arise, broadly as follows:Capital assetsOn a realisation basis (ie on disposal)

14 Jul 2020 11:44 | Produced by Tolley Read more Read more

Double tax relief

Double tax reliefWhen income arises in a foreign country to a UK resident company and that income is taxable in that foreign country, the UK may give the company relief for the foreign tax by crediting the foreign tax against the UK tax charged on that income. This might include withholding tax on

14 Jul 2020 11:31 | Produced by Tolley Read more Read more