Agricultural buildings

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

This guidance note summarises the treatment of agricultural buildings in farms including what capital allowances can be claimed, the assessment of farm buildings which are let out, repairs and renewals and the possible effect of having redundant farm buildings on tax reliefs.

More details of the IHT position of specific buildings can be found in the following guidance notes:

•
Agricultural tenancies
•
APR and the farmhouse
•
APR and farmworkers' cottages
•
Agricultural value and development value

Definition of plant not building

A large amount of expenditure in relation to a modern building relates to items of plant and machinery. The farmer or landowner may identify such expenditure and claim the appropriate capital allowances and annual investment allowance (AIA) in accordance with the rates available. These are generous with the AIA limit at £1,000,000. All appropriate conditions must be met. See the Annual investment allowance (AIA) guidance note for more information.

The ability to claim AIA on plant applies as much to a second-hand building as a new one. It can be quite normal practice for

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