Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Selling residential farm property before April 2020

06 August 2019 / Julie Butler
Issue: 4707 / Categories: Comment & Analysis
Property prospects 

Key points

  • Commercial political and tax issues may highlight advantages to sales of residential farm properties.
  • Changes to the rules on capital gains tax lettings relief and deductions for interest payments.
  • New advanced reporting and tax payment obligations.
  • Residential sales may enhance business property relief prospects.

Farms face much uncertainty – Brexit an elderly farming population worries over loss of subsidies and profitability – and there has been much discussion about farm sales. This might be the whole farm or residential cottages for tax planning and farm survival reasons. The article by Gavin Fernandes (‘2020 vision’ Taxation 1 August 2019 page 18) highlighted the forthcoming changes to lettings and interest relief in April 2020 and from the same time UK residents will also have to file a capital gains tax return if a direct disposal of UK residential property has realised a chargeable gain. The...

Only subscribers may read the full article

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
back to top icon