1.IHT Tax free as long as the land is farmed.
2.Subsidy payable on the acreage, as long as some very basic maintenance is carried out.
3.No business rates â€“ unlike commercial property.
4.Vat is zero rated, as opposed to exempt. It is a little known fact that almost all farmers are registered for VAT, and therefore donâ€™t need to levy it on their supply of goods (ie food related) and thus reclaim the tax expenditure every quarter receiving a cheque from the HMRC.
5.Much of the accompanying lifestyle (buildings, the family land rover, hedge pruning instruments and other small machinery) can be run through the books as a tax deductible expense.