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HMRC internal manual

Business Income Manual

Farming: professional fees for valuation of tenant right

S33, S34 Income Tax (Trading and Other Income) Act 2005, S53, S54 Corporation Tax Act 2009

Professional fees for the valuation of tenant right (or way-going) when a farm changes hands may generally be allowed as a deduction in computing farm profits to the extent that they relate to revenue items. They should not be allowed, however, to an outgoing farmer on cessation by reason of his or her death.