Commentary

5 Taxation of agricultural land

AGRICULTURE vol 2(2)
| Commentary

5 Taxation of agricultural land

| Commentary

5 Taxation of agricultural land

The main taxes that concern an agricultural land owner are capital gains tax and inheritance tax. No transaction involving agricultural land should be undertaken without understanding the consequences in terms of capital taxes.

VAT can be charged on agricultural land, at the option of the landowner. It is unusual for the option to tax to be made in respect of farmland, but it is not unknown. VAT may well be chargeable on equipment, on entitlements and possibly on individual items of ‘tenant right’.

Stamp duty land tax will affect many transfers of agricultural land and

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