The Government has announced that the current Annual Investment Allowance (AIA) of £1,000,000, which was due to revert down to £200,000 on 1 January 2021, will be extended for a further year to 1 January 2022.
Lifetime gifts are generally subject to IHT if they exceed the £325,000 nil rate band and do not qualify for either Agricultural Property Relief or Business Property Relief. However, some gifts are automatically exempt from IHT and do not require you to survive seven years for the value of the gift to fall outside your estate.
We are currently preparing 2019 harvest gross margin accounts for our arable clients. An indication of how the 2019 harvest compares with the 2018 harvest, drawn from our clients’ year end accounts so far, is summarised.
Our top tax tips for farming families and those in the agriculture industry.
An unfortunate consequence of the coronavirus lockdown may be an increase in divorces.