Net tightens on Inheritance Tax relief for Furnished Holiday Lets
HMRC have recently won a tribunal decision that confirms that inheritance tax relief will only be available on furnished holiday lets (FHL) in exceptional circumstances. Simon Dixon Smith of Land Partners comments ‘the newly released case of Green v HMRC confirms that the majority of holiday lettings businesses will not attract inheritance tax relief. This will be costly to the families of holiday cottage owners’. It is estimated that there are over 75,000 units of FHL in the UK. Many of these will have been purchased for the primary benefit of the owners with holiday lets offered as a way...
Read MoreThe Deregulation Act 2015
On 26 March 2015 the Deregulation Act 2015 received Royal Assent and brings important legislative changes in deposit protection and Section 21 notices. The changes made attempt to clarify the issues created by the court cases of Superstrike vs Rodrigues and Charalambous vs Ng. Tenancy Deposit Protection and Section 21 Notice – What the changes mean- Summary If you have taken a deposit on any Assured Shorthold Tenancy (AST) before April 2007 and it is not protected then the deposit must be protected and Prescribed Information (PI) served, otherwise you will not be able to issue a...
Read MoreSCHEME UPDATES FROM LAND PARTNERS LLP
Hopefully you are now registered on the Rural Payments online system. If not, ring 03000 200 301 now! This remains a condition of entry for all schemes. Basic Payment Scheme The paper based application forms for 2015 (form BP5) will be emailed to registered applicants from next week for completion by 15th June. The forms look similar to the old SP5 claim forms. Note that there are 22 pages of new crop codes (e.g. winter wheat changes from OT1 to AC66). New information required for the claim mainly centres on the need to specify EFA areas. Where relevant for the EFA you will need to have...
Read MoreLatest RICS/RAU Land Market Survey
RICS RAU Rural Market Survey – 2013 H1_Lite Lack of supply fuelling demand remains a prevalent theme in the latest Land Market report released by the RICS & RAU today. It’s also interesting to note the slight shift from farmer buyers as the dominant force to those coming into the market for investment purposes showing their strength in 2013. The divergence in prices achieved for larger good quality blocks against smaller less productive areas continues and it is interesting to note the range of comments from agents across the country. Overall a positive report for the UK...
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