Limited companies

essexpete

Member
Location
Essex

I have not access to full article as too tight to subscribe.
If a farming family transfers the business to a company with family members shareholders and directors how would the land be treated if owned by a family member. Would a rent have to be shown? Could it jeopardise IHT planning if the owner died and the land showed as investment?
 

farmerdan7618

Member
Livestock Farmer
Location
Somerset
Can create IHT issues, but depends on what type of land it is. Anything that might go for development or woodland likely to be a problem.

Rent is optional and has implications for capital gains tax, should it be sold of course.

I do lots of business structure planning, feel free to PM me if anyone wants a chat about it.
 

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Man fined £300 for bonfire-related waste offences

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Written by William Kellett from Agriland

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A man has pleaded guilty at Newtownards Magistrates’ Court to waste offences relating to a bonfire next to the electrical sub-station on the Circular Road in Newtownards, Co. Down.

Gareth Gill (51) of Abbot’s Walk, Newtownards pleaded guilty to two charges under the Waste and Contaminated Land (Northern Ireland) Order 1997, for which he was fined £150 each and ordered to pay a £15 offender’s levy

On June 25, 2018, PSNI officers went to Gill’s yard, where they found a large amount of waste consisting of scrap wood, pallets, carpet and underlay.

Discussion with Northern Ireland Environment Agency (NIEA) officers confirmed the site...
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