Farming: tax planning on farm property renovations

Julie Butler, partner at Butler & Co, considers tax planning arrangements and VAT rules around repairing and restoring neglected farmhouses and barns, comparing the reduced 5% VAT rate for renovation on an unoccupied property against various tax reliefs for habited properties

With the low farm profitability currently impacting on the ability of farms to repair and improve farm property. Against this background there is a need to use the cottages and buildings to produce diversified income. The strategy for working on the property can be driven by the VAT advantages and disadvantages.

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