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Heritage farming
Key points
- Farms can hold and use working land and buildings as heritage assets.
- The potential inheritance tax relief of heritage assets needs regular review as part of all farm tax planning and overall succession planning.
- The accounting treatment is financial reporting standard (FRS) 102 which replaced FRS 30.
With the news that agricultural property relief (APR) is under more scrutiny from HMRC the tax treatment of heritage assets comes into more focus and popularity.
The heritage tax relief is complex and it therefore follows that the accounts treatment is also in need of a lot of careful consideration.
Farms are unusual in that they can hold and use working land and buildings as heritage assets. Generally the land and buildings benefit from such use.
The use of the potential inheritance tax relief of national heritage assets came under the spotlight with the promoted possible reduction of...
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