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Future of farm cottages
Key points
- Since the cases Balfour and Farmer the tax position of old cottages has changed.
- Safety compliance and other standards make being a farm landlord complex.
- Mixed usage SDLT is considered with regard to the sale of farm land and associated commercial land.
The role of farm cottages in the commercial vibrant farm operation is changing. After Balfour [2010] STC 2666 let cottages became more valuable not only as a good source of income but also as a possible protection under business property relief (BPR) for inheritance tax (IHT) provisions. However the legal and tax positions of older cottages have changed since Balfour and Farmer [1999] (SpC 216) as the cost of repair and compliance has made them a challenge in terms of income return.
Negatives of owning old farm cottages
There are many compliance considerations for farmers to take into account in being a landlord...
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