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farming


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As defined by the Income Tax (Trading and Other Income) Act 2005, the occupation of land wholly or mainly for the purpose of husbandry (which is declared not to include market gardening). Special tax provisions apply for farming. For income tax, profits can be averaged. Inheritance tax relief at 100% may be available against the value of farm land and machinery used for farming (see agricultural property relief).

Subjects: European History.


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