Tax planning around pure farming profit

With the continuing uncertainty in the farming industry, the profit goal becomes more of a problem and there are inevitably complex tax issues to consider. Julie Butler FCA, managing partner at Butler & Co Chartered Accountants, examines some of the more complex tax planning issues from the six-year rule to rental income and loan interest

For the last few years most farms have made less profit than the farm subsidy in generic terms. Pure farm profit is very difficult to achieve in the current farming conditions. Achieving the all-important farming profit for tax purposes therefore continues to be a very significant tax planning point for any farm accountant to consider.

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