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Welcome

Welcome. 7.00 p.m. Lloyds TSB Agriculture – David Fowler Banking after the Big Bang 7.20 p.m. Simpkins Edwards – Mary Jane Campbell Agricultural & Business Property Reliefs – are you up to date? 7.40 p.m. Luscombe Maye – Amanda Burden See your way through the planning maze

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Welcome

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Presentation Transcript

  1. Welcome

  2. 7.00 p.m. Lloyds TSB Agriculture – David Fowler Banking after the Big Bang 7.20 p.m. Simpkins Edwards – Mary Jane Campbell Agricultural & Business Property Reliefs – are you up to date? 7.40 p.m. Luscombe Maye – Amanda Burden See your way through the planning maze 8.00 p.m. Simpkins Edwards – Mary Jane Campbell Furnished Holiday Lets 8.15 p.m. Questions 8.30 p.m. Light Refreshments

  3. Banking after the Big Bang A banker’s perspective David Fowler Regional Agricultural Manager Devon

  4. LIBOR v BASE RATE 2008

  5. LIBOR v BASE RATE 2009

  6. Banking after the Big Bang • Has our lending policy changed? – No • Are we lending new funds? – Yes • Have we met are commitment to lend an extra 15% - Yes • Has the cost of borrowing increased? – Yes • Are all banks the same? – NO!

  7. Banking after the Big Bang Securing finance – be well prepared • Carefully prepared business plan • Accurate budgets & cash flows – sensitivity /stress test • Up to date Audited accounts • Security

  8. Lending to Agriculture

  9. We are here to help David FowlerRegional Agricultural ManagerDevon 01392 424871 07802 655897

  10. Gross Domestic Product

  11. Inheritance Tax Mary Jane Campbell

  12. Inheritance Tax (IHT) Fact or Fiction?Farmers don’t pay IHT

  13. FACT 100% / 50% Agricultural Property Relief (APR) available on the agricultural value of agricultural property Areas of difficulty: • Assessment of agricultural value • Existence of land & buildings no longer used for farming • Farmhouse

  14. FACT 100% / 50% Business Property Relief (BPR) available on assets used in business. • Aim in tax planning for farmers is for BPR to cover assets not already covered by APR.

  15. FACT Availability of BPR subject to strict criteria including • Ownership periods • Ownership arrangements for assets

  16. FACT Easy to slip up for entirely sensible commercial and personal reasons. Take advice, and then take it again when there is a change of plan - it will be cheaper in the long run.

  17. Fiction Farmers don’t pay IHT Fiction unless you work at the facts.

  18. BPR Recent Cases Nelson Dance Farmland with potential for residential development • Transferred it to a family trust • Subsequently ceased farming • Settlor died shortly afterwards HMRC chased the trust for IHT High court decided in favour of the trust.

  19. BPR Recent Cases McCall Owned land with development potential Let land on annual grazing agreements • Deceased arranged maintenance of hedges/ditches etc • Grazier fertilised ground

  20. BPR Recent Cases McCall • Judge decided the activity being undertaken was that of holding investment property. • Deceased did nothing to maximise the value of the grazing. • No BPR was available

  21. Farmhouses Is it a farmhouse? Tests • Centre of operations • Sufficient business activity and involvement • Character appropriate. Valuation issues

  22. Inheritance tax Succession/retirement plans Wills Partnership agreements Tax planning To ensure wealth protection and security of income for all involved

  23. See your way through the Planning Maze Amanda Burden B.Sc (Hons), FAAV, MBIAC Partner - Agriculture & Rural Planning Department, Totnes

  24. BACKGROUND • Degree in Agriculture with Countryside Management • Fellow of Association of Agricultural Valuers • Member British Association of Agricultural Consultants • Farmers’ Daughter & Farmers’ Wife • Joined LM in 1995, • Associate Partner 2000 • Equity Partner 2007

  25. REASON FOR PLANNING • Expansion of Farm Business • Diversification of Farm Business • Capitalise on Assets/ Add Value • Need for additional dwelling • Lifestyle change/Retirement • Wish to “get on” • Asset for future generations

  26. PLANNING NEEDS PLANNING • Discuss with Agent early on…. • Timescale • Costs • Planning Policy • Option to go through “Front Door” or “Back Door”

  27. The Planning Maze Landscaping Surveys Design & Access Application Plans Highways COSTS !!!!! Landscape Consultees Drainage Planning Officer Contaminated Land Local Politics Parish Council Time Policies National County/Local DECISION

  28. TYPES OF RURAL PLANNING • Agricultural Buildings • Full Planning • General Permitted Development - 28 day Determination • Agricultural Dwellings • Barn Conversion – Traditional or Modern • Diversification Projects • Green Issues

  29. AGRICULTURAL BUILDINGS • Full Planning • Levels • Justification • Plans • General Permitted Development Rights • NO greater than 465 sq m • 25 m from road • For livestock 400 m from dwelling • LPA notification

  30. AGRICULTURAL DWELLINGS • Planning Policy Statement 7 (PPS 7) Annex A • Permanent Dwellings • Outline Application - Agree Principle of Need • Reserved Matters application later • Layout - Appearance • Scale - Access • Landscaping • Temporary Dwellings

  31. PERMANENT DWELLINGS • Requirements • Functional Need • Financial Test • No other dwellings suitable and available (incl. “affordable”) • Full time worker • Suitable site (within “sight and sound”) • Conditions • Ag tie on new build and existing ?

  32. TEMPORARY DWELLINGS • Demonstrate intentions to develop enterprise eg. Farmbuildings • Show business can be viable eg. Business Plan • Functional Need • No Disposal of “suitable” dwellings or no other dwellings close by • Siting and access are acceptable

  33. TEMPORARY DWELLINGS cont’d • Permission for temporary dwellings normally 3 years • Meet Financial test for permanent dwelling • Extensions of time not normally given • Will have to be removed and occupants made homeless if criteria not fulfilled • Temporary permissions should not be given on sites where LPAs would not allow a permanent dwelling

  34. TRADITIONAL BARN CONVERSIONS • Local Authority Policy • Business ? Holiday Use ? Residential ? • Marketing • Viability Appraisal • Proximity to farm activities/modern buildings • Curtilage • Detailed Plans • Design & Access Statement • Structural Survey

  35. TRADITIONAL BARN CONVERSIONS cont’d • Wildlife Report • Archaeological/Architectural Historian Report • Highways/Access Improvements • Contributions • Affordable Housing ? • Open Space ? • Education ? • Listed Building Consent

  36. MODERN BUILDING CONVERSIONS • Change of Use • Yard Area/Potential Parking Area • Size & Structure • End Use • Need for alteration • Access/Highways • Specific End Use Condition

  37. DIVERSIFICATION PROJECTS • LET YOUR IMAGINE RUN WILD …. • Barn Conversions • Camping & Caravan Sites • Fishing Lakes • Farm Shops • Dog Kennels/Catteries • Tourist Attractions • AND TALK TO YVONNE ABOUT SOME POSSIBLE GRANT FUNDING ……………

  38. GREEN ISSUES • Wind Turbines • Solar Panels • Ground Source/Geo-thermal Heat Pumps • Rainwater Harvesting • Slurry Storage/Covered Yards • SPEAK TO YVONNE ABOUT POSSIBLE GRANT FUNDING ESPECIALLY IF IN DAIRYING

  39. vs

  40. CERTIFICATE OF LAWFUL USE (CLU) • Backdoor Planning • Think • What do you have now ? • Has 4 or 10 years passed ?

  41. CERTIFICATE OF LAWFUL USE • 10 year & 4 year Rule • 4 years if created a “dwelling” • 10 years if Change of Use • Onus of Proof is on Applicant • Based on Balance of Probabilities • Statutory Declaration • Diary Evidence • Photographs • Supporting Letters

  42. PLANNING FOR THE FUTURE • Seek advice from Professional/Agent not just from Planning Authority • Seek advice from Accountant • Capital Gains ?? • Inheritance Tax ?? • Get a Valuation – Options ? • Plan well in advance – it always takes longer than we both would like !!

  43. REMEMBER !!! • Planning History on Sites • Withdrawals - Approvals • Refusals - Appeals • Hope Value ? • Conditions • Ag tie - Personal Permission • Consents normally last 3 years • Commence development subject to conditions • Policy Changes – re-apply well in advance

  44. See your way through the Planning Maze Amanda Burden B.Sc (Hons), FAAV, MBIAC Partner - Agriculture & Rural Planning Department, Totnes

  45. Furnished Holiday Lettings Mary Jane Campbell

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