New OTS report on Capital Gains Tax helpful for farmers
26 May 2021 |
The Office of Tax Simplification s (OTS) new report makes 14 detailed recommendations
The latest Office of Tax Simplification report on Capital Gains Tax offers generally helpful and sensible recommendations for farming businesses, accountants say.
The new OTS report has extensive scope, covering situations including moving home, divorce, running and investing in a business, and issues affecting land transactions.
It focuses on Capital Gains Tax (CGT) for individuals and smaller business, rather than partnerships, trusts, estates in administration, non-UK residence/domicile, international issues or corporate groups.
It identifies limited awareness around CGT and confusion around reporting and payment. One key recommendation is that CGT should be included in the digital HMRC Personal Tax Account or Single Customer Account.
Defra poised to unveil fresh tree targets and peat-based compost ban
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Scotland s Cairngorms pine woods are among the least modified woodlands in Britain | Credit: WWF
Fresh tree and peatland action plans expected from Defra tomorrow, as Royal Family announces tree planting project to mark Queen s 70th Jubilee
Higher tree planting targets, a ban on peat-based garden compost, and corridors for biodiversity protection next to rivers are among a flurry of conservation measures expected to be unveiled by the Department for the Environment, Food and Rural Affairs (Defra) tomorrow, reports suggest.
Environment Secretary George Eustice is set to announce plans to treble tree planting rates in England over the course of the current Parliament to around 7,000 hectares of woodland per year, in a bid to boost biodiversity and support the UK s net zero emissions goal, according to Defra.
Luke Paterson of Dilham Hall with one of the glamping pods at Tonnage Bridge
- Credit: Chris Hill
When Luke Paterson took on his family s farm five years ago, he could not have predicted the economic shocks which were to follow.
But despite Brexit, harvest disasters and a worldwide pandemic, the business has thrived - thanks to a diversification strategy which has equipped it with new incomes and the resilience to ride out the storms of an ever-changing industry.
Mr Paterson is the fourth generation of his family to farm at Dilham Hall, near North Walsham.
He bought his brother Joe out of the business in 2016 - a move which itself was only possible due to the security of income from his brokerage firm Paterson Ag, which recently celebrated its tenth anniversary.
Published:
6:00 AM May 1, 2021
The shift from EU direct subsidies to post-Brexit environmental incentives is a major driver of change in East Anglia s countryside
- Credit: Antony Kelly
The last six months have ushered in some tumultuous changes for East Anglia s farming landscape. Here are five of the key driving factors:
1- Subsidy phase-out: The post-Brexit shift away from EU subsidies towards green incentives is part of the most significant change to agricultural policy for more than 50 years. At the end of November, the government announced how it will phase out the current Basic Payment Scheme, based on the amount of land farmed, and replace it with a new Environmental Land Management Scheme (ELMS) which will instead reward farmers for work to protect and enhance nature. The seven-year-phase-out starts this year, but the new scheme is still under development - adding urgency to farms pursuit of alternative, eco-friendly income streams.
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