George Hay Partnership LLP
Tax Traps of Diversification
About Barry Jefferd
Barry Jefferd is a Tax Partner at George Hay Chartered Accountants, who have offices in Biggleswade, Huntingdon and Letchworth.
He is a Chartered Accountant, Chartered Tax Adviser, a member of the Society of Trust and Estate Practitioners as well as a licensed probate practitioner.
He advises on the complete range of taxes, although he particularly enjoys advising on Inheritance Tax, the capital taxes and advising on property/land transactions. Barry has many clients in the agricultural industry including arable and beef cattle farmers and owners of agricultural estates. He also lectures widely on taxation on behalf of Taxation Institutes, who are providing training for other taxation professionals.
As well as his services to clients, Barry offers a Tax Consultancy service for smaller practices throughout the UK, as well as advising on one off tax problems for other accountants and tax payers.
It is well known that Agriculture has many favourable tax advantages such as Farmers’ Averaging and Agricultural Property Relief. As farmers/landowners seek to diversify do these valuable reliefs still apply? HMRC are always seeking to deny these advantages and often see diversification as a good excuse for close investigation. Barry will point out the traps that need to be avoided as well as the opportunities for further tax planning.