Can you tell us about your background and areas of expertise?
My background is that I trained as a chartered accountant and when I set up my own business I realised more clearly how important the tax was to the clients.
With specialising in farms and equines I was made very aware of the need for an easy to read tax guide and hence TPFLD was born over 20 years ago.
How long have you been in this area and is it getting more or less busy?
I have been in this area for almost 40 years and at the time of writing it has never been busier. Farming is going through so much change and the whole horse riding world grew in Covid lockdown with the need for fresh air and to enjoy the UK rather than fly.
What are some of the recent trends in use of land?
‘Farming for the environment’ is big with the Agriculture Act 2020 and the current ‘saving the planet’ focus. Farming has been lacking profitability so diversification has become both commercially necessary and ‘on trend’. Big trend increases in glamping, holiday accommodation, liveries, rural weddings and woodlands have been very noticeable.
What are the most important recent updates in the area of TPFLD?
For farmers and advisers to keep up to date with the broad base of all tax implications of all the changes to farming and farm subsidies especially ELMs (environmental land management schemes) which is covered throughout the book. With the threats to capital taxes, lifetime gifting and succession planning have been in focus.
Any recent legislation that advisors need to be aware of to pass on to clients?
• The Agriculture Act 2020 including tenancy reform and the business competency test
• Making Tax Digital for income tax, including the proposed complex change to basis periods
• The complications around VAT and the supply of land