Agricultural Wills and Inheritance Tax Planning
It is often assumed by farmers that their assets will qualify for 100% exemption and reliefs from Inheritance Tax. Unfortunately this assumption may not be correct, if the right business structure is not used for holding farm assets.
There are particular problems in respect of Inheritance Tax on the farmhouse and on any assets which had previously been used for the farm, but where they are now used for a non-agricultural purpose.
Correct advice and planning can often mean the difference between no relief and relief at the maximum rate. In addition, most farmers and landowners will need advice on how to pass assets on to the next generation in a tax efficient way, whether on death or by gift. It may require nothing more than an appropriately drafted Will, but may also involve setting up trust structures, depending upon each family’s personal circumstances. We have considerable experience in advising farmers on Wills, lifetime planning and the use of trusts and have specialist expertise in the area of Agricultural Property Relief and Business Property Relief.
We are also able to advise on the new Lasting Powers of Attorney and the importance of providing for potential future inability to manage your own affairs.
