About us

Butler & Co

Butler & Co was started in the mid 1980s by the managing partner Julie Butler from her home in Bramdean.

In 1992 the Alresford office was opened followed in 1995 by the Bishops Waltham office and in 1999 by the Fareham office.

Butler & Co specialise in farming and equine clients, including new entrants into the farming world, landed estates and all areas of racing. Butler & Co pride themselves on still retaining their general practice with clients ranging from sole traders, high net worth individuals, corporates, all areas of tax planning and an investigation speciality. The Bishops Waltham office has great expertise in pubs, hotels and owner managed businesses.

The tax team has the skill base to cover all areas of tax planning, including inheritance tax, liaising with solicitors on Will drafting and sheltering development profits in farming.

Julie Butler, the managing partner, has written two tax books for Tolleys – Tax Planning for Farm and Land Diversification and Equine Tax Planning. She has written numerous articles and now has a weekly tax tip in The Racing Post. Her work has also been quoted and re-produced in all the broadsheets and financial pages.

The emphasis of Butler & Co is client service and client care which incorporates a good administration team with a large number of PAs who have been at the firm for a long time trying to ensure that the client comes first.


Products

Auditing And Assurance

Auditing And Assurance

At Butler & Co, we believe that the audit should be used as an effective management tool to provide information about where a business is going, as we...

Read More
Book Keeping Services

Book Keeping Services

The running of a business requires a lot of time consuming administration duties, many of which fall under the category of Book Keeping. At Butler & ...

Read More
Business & Corporate Tax

Business & Corporate Tax

-Corporate tax returns and annual returns -Inland Revenue enquiries -Year end planning reviews -Business start up’s -Rental accounts and advic...

Read More
Business & Corporate Tax

Business & Corporate Tax

-Corporate tax returns and annual returns. -Inland Revenue enquiries. -Year end planning reviews. -Business start up’s. -Rental accounts and a...

Read More
Capital Gains Tax & Wealth Protection

Capital Gains Tax & Wealth Protection

-Making appropriate relief claims -Making use of allowances and elections -Family companies -Monitoring current legislation -Financial plannin...

Read More
Corporate Accountancy Services - Annual Accounts

Corporate Accountancy Services - Annual Accounts

At Butler & Co, we believe that the preparation of corporate annual accounts should be more than simply preparing accounts for the regulatory bodies. ...

Read More
Estate, Tust & IHT Planning Services

Estate, Tust & IHT Planning Services

-Will planning -Pre and post death planning -IHT mitigation -Trust and estate administration -Lifetime estate reviews Butler & Co is surr...

Read More
Income Tax Services

Income Tax Services

-Preparation of tax returns and tax computations -Compliance matters -Inland Revenue enquiries -Minimising tax payments -Annual reviews -Res...

Read More
Our services and about us

Our services and about us

Butler & Co was started in the mid 1980s by the managing partner Julie Butler from her home in Bramdean. In 1992 the Alresford office was opened f...

Read More
Payroll Services

Payroll Services

Payroll is essential to all businesses that employ staff. At Butler & Co, we offer our expertise in this field to assist businesses with their payrol...

Read More
Specialist Tax Areas Services

Specialist Tax Areas Services

-Agriculture and farming -Farming and Land diversification -Equine tax planning -Stamp duty and SDLT Butler & Co specialise in agricultural, ...

Read More
Tax Investigations & Enquiries Services

Tax Investigations & Enquiries Services

Have you or your Company received an enquiry letter from the Inland Revenue ? If so, do you have a Tax Investigation specialist on your side to he...

Read More
VAT & Stamp Duty Services

VAT & Stamp Duty Services

-Assisting with the preparation of VAT returns -Registration/Deregistration -Methods of accounting -VAT advice -Stamp duty and SDLT Butle...

Read More

13 Products

News

Sheltering development profits

Sheltering development profits

There are many ways in which today’s modern farmer can diversify and create development opportunities on and within the land they own. The use of Business Asset Taper Relief greatly aids today’s diversifying farmer and there are many opportunities in which the farmer can make use of this very beneficial relief.

Business Asset Taper Relief

Business Asset Taper Relief (BATR) legislation has resulted in an attractive maximum capital gains tax rate of 10% (75% followed by a 40% tax rate) from 6 April 2002 [TCGA 1992 Sch A1, para 5(1A)]. The farming community have enjoyed (and should still enjoy) some very attractive tax shelter from the trade of farming where farmland has been sold for development. The alternatives are endless for a farmer who wants to continue to be able to shelter future development gains.

Mixed-use/Dual use of an asset and Business Asset Taper Relief

From 6 April 2004 (under FA 2003 s160) let land qualifies for BATR but what about the periods before 6 April 2004?

In order to claim the 75% BATR (100% BATR eligibility), the assets must have been used only for business use from 6 April 1998.

The tax position of let farmland prior to 6 April 2004 is complex. From 6 April 1998, the landowner had to be in partnership with the tenant to qualify for BATR. From 6 April 2000 it was sufficient for the land to be let to any unlisted trading company (the aim of the tax planning has to be to achieve ‘pure’ taper relief so as to minimise the capital gains tax payable).

When an asset is simultaneously used for more than one purpose, one of which would qualify the asset as a business asset and the other would not as a business asset, there is ‘mixed use’. In a farming situation, a typical example would be where a farmer who is a sole trader owns a barn and one part of it is used for the purposes of the farm and the other part is let out.

Where either of the above applies, TCGA 1992 Sch A1 para 9 introduces an apportionment calculation. This is a very complex calculation where it is necessary to calculate the relevant fraction of each mixed-use period for which the asset is used for a non-qualifying purpose. Such a calculation shall be made on a just and reasonable basis. The relevant fraction represents the proportion that uses the asset for non-qualifying purposes.

It is essential to identify mixed-use assets and inform the client before the disposal. This is of most relevance where there is a potential disposal at a large gain (for example, for development).

Agricultural land with hope for development lends itself to tax planning to improve on this position. There is scope to transfer the land into new ownership to try and ensure that full untainted taper relief is achieved after 2 years, there is scope to transfer into new ownership, e.g. a new trust to try and ensure the full untainted taper relief is achieved after 2 years.

Until 6 April 2004 let land did not count as the trade of farming. Let land that qualifies now will still be ‘tainted’. It will have mixed use since it did not qualify for the 75% relief before 6 April 2004.

Examples of how to achieve pure taper relief would be to transfer the land into a trust (or advance from one trust to another). FA 2004 stops this from December 2003, if the settler is ‘invested’ in the trust it is better to consider outright gifts now (there is a ruse using transfers of partial interests to spouses which later merge). The gain can be held over and the land held for a two-year period and hopefully qualifying for 100% BATR before the land is ultimately sold out of the family for development or otherwise.

Farmers trading in land

Where land is sold for development realising a capital gain, the Revenue may seek to apply TA 1988 s 776 rather than capital gains tax legislation. The Inland Revenue are not saying that the farmer is trading in land, but developing with ‘the s

Click here for more information on Sheltering development profits

Jobs

There is nothing listed here for this company

0 Jobs

Documents

There is nothing listed here for this company

0 Documents

Videos


        

There is nothing listed here for this company

Social Media

Contact Us

Butler & Co

  • Bowland House
  • West Street
  • Alresford
  • Hampshire
  • SO24 9AT

Page view stats for Butler & Co

Click-through stats for

Hide Statistics

Enquiry Form