If you own agricultural land, a farming or agricultural business, you should have an effective succession plan in place, whether this is through a will, trusts or both. Traditionally, farms are passed down through successive generations but it is crucially important that your property and business assets are divided up properly according to your wishes so that you can preserve them for the next generation.
The issues involved are complex, and costly and lengthy disputes can easily be avoided when expert legal advice is taken.
We can advise you on capital gains tax, inheritance tax and the appropriate reliefs that may apply. The value of agricultural land has been steadily rising for many years and inheritance tax is highly likely to affect your estate when you die. Whilst agricultural property relief may be available you need expert advice to understand how it applies in practice.
We can draw up an effective will and, where necessary, create a trust. Even where you have succession plans (eg., through a will) in place, you should regularly review your affairs.
We can also help you effectively structure your business to take full advantage of tax reliefs and allowances available at any given time.