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One of the main priorities of most farming families is to pass the farm down to the next generation without the burden of a large Inheritance tax (IHT) bill.
It is a common misconception that the farmhouse will automatically qualify for Agricultural Property Relief (APR) and be free of IHT. Unfortunately that is not that case, and given the value of even a modest farmhouse, failure to secure APR could well result in a large IHT bill.
In recent years HM Revenue and Customs has brought a succession of cases challenging the availability of APR on farmhouses and as a result this area of law is now extremely complex, although we hope that this article will give an overview of where we stand at the moment.
Click here to view the 'A Tax' On Your Farm - "Antrobus - The definitive view article.
It is now more important than ever to review current farming arrangements, to plan for IHT and to maximise APR.
The tax team has been involved in three high profile cases regarding the availability of APR, working closely with our highly rated Agricultural team. As a result we believe that we have first hand expertise in this area that other firms simply cannot offer.
For more information speak to Alan Neal on 0845 55 55 321 or
email: alan.neal@mfgsolicitors.com
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