Tax credit for tenant farmers
By FWi staff
MANY hard-pressed tenant farmers will be eligible for Working Families Tax Credit (WFTC) after government announced a rule change.
People in job-related accommodation who have invested in a retirement home will not have that property included in the WFTC capital assessment.
The rule change comes into effect on 9 October, 2001.
Under the old rules, such dwellings were treated as second homes, which pushed many farming families above the capital limit.
Applicants must have less than 8000 worth of assets, excluding land, machinery, livestock, the family home and personal possessions.
Tenant Farmers Association chief executive George Dunn said the new rule would be a major benefit to large number of families on tenanted holdings.
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