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5 of 5 people found the following review helpful
4.0 out of 5 stars The land manager's view, 4 April 2004
By A Customer
This review is from: Corporate Property Management: Aligning Real Estate with Business Strategy (Paperback)
To one who owns and manages a mixed portfolio of rural property - farms, forestry, let housing, holiday lets and small commercial units - it was extremely interesting and informative to see how other property managers operate. I found the case study of the Ardtornish Estate in Scotland particularly valuable, both in its range of enterprises and in its close attention to and success in the provision of public benefits. Such provision, of course, not only offers revenue opportunities, but will also make the survival of such an estate more likely in political terms.
The other part of the book that particularly interested me was the section devoted to the impact of laws and taxes on property management. The tax regime operating at any particular time can, literally, make the difference between viability/success and failure for the property manager. Chancellors do not always correctly anticipate the consequences of their actions - the 1988 changes to the taxation of forestry, for example, had a devastating and continuing impact on the planting and management of woodland. A similarly malign impact, this time of ill-thought-through legislation, was the 1976 Agriculture, Miscellaneous Provisions Act, granting security of tenure to agricultural tenants for up to three generations: this may have been very good news for those tenant families who were already in occupation, but disastrous for potential tenants, since the market for letting farms ceased overnight, and did not recover until a new, more balanced, provision was introduced in 1985.
In my view it would be a very good thing if those who tax and govern us were to read this excellent book - one might hope that they would learn and profit from the many examples and lessons that it contains!
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