farming
n. The Income Tax (Trading and Other Income) Act 2005 s 876 defines farming as “the occupation of land wholly or mainly for the purpose of husbandry”. Husbandry is declared not to include market gardening. In 1925 the Court of Session equated “husbandry” with a trade that depends on the use of “fruits of the land occupied” (Lean and Dickson v Ball (1925) 10 TC 341, 345). In that case, intensive poultry rearing was held to be husbandry. Special tax provisions apply for farming. For income tax, profits can be averaged. Inheritance tax relief at 100% is usually available against the value of farm land and machinery used for farming. |