Spring Budget 2024 – Impact on the Agricultural Sector
The Spring budget did contain a few announcements which will impact the agricultural sector and consideration should be given to whether action is taken now.
The Spring budget did contain a few announcements which will impact the agricultural sector and consideration should be given to whether action is taken now.
This stamp duty land tax relief is to be abolished with effect for transactions with an effective date on or after 1 June 2024. Transitional rules mean that MDR can still be claimed for contracts which are exchanged on or before 6 March 2024, regardless of when completion takes place
For anyone who owns one or more Furnished Holiday Lets (FHLs), either directly or through a limited company this is a significant change. Until April 2025, if an individual owned and let out a furnished holiday let, broadly a holiday home let out to different individuals for short periods, there were a number of tax advantages that in many respect treated this activity as a trade rather than as an investment:
The new rules that apply from April 2025 are proposed to operate for income tax purposes such that if a non UK domiciled individuals comes to live in the UK after a period of 10 years consecutive non-residence, there will be full tax relief for a 4-year period of subsequent UK tax residence on FIGs arising during this 4-year period, during which time this money will remain outside the UK tax net and can be brought to the UK without an additional tax charge.