We are considered to be national specialists in advising farmers and rural landowners in relation to their wills and tax planning and the interaction between agricultural and business assets and capital taxes - especially the inheritance tax regime.
Following the Antrobus and, more recently, the McKenna decisions relating to “character appropriate” and “farming” our specialists work closely with our property colleagues on specific inheritance tax planning advice both pre and post death to ensure maximum reliefs are obtained. We regularly deal with the HM Revenue and Customs Capital Tax Unit on agricultural and business property reliefs to ensure the safe transition of estates and farms by minimising tax to the next generation. Our work regularly involves:-
- Drafting bespoke wills and rearrangement of asset ownership to maximise the reliefs available;
- Post death deeds of variation to maximise the reliefs available;
- Succession and lifetime asset planning and gifts to minimise inheritance tax payable on death;
- Use of discretionary and other trusts to minimise potential inheritance tax and to maximise family asset Protection;
- Negotiation with the Inland Revenue to maximise agricultural and business property reliefs.
For more information we have a dedicated section of this website on Private Client.
Contact: Stuart Thorne