Tax changes in the agricultural sector continue to hit the news following the Spring budget. Recent speculation regarding potential additional changes to Inheritance Tax in this Autumn’s budget has only added to the uncertainty – and emotions are understandably running high.
If you are part of a family farming business and you believe you may be impacted by the changes, you should consider professional advice on what the changes could mean for your own family and business, as no two farming businesses are the same.
Hannah Livsey, Head of Agricultural Property, explains:
“First and foremost, it is vital to make the decisions which are the best fit for your own situation. Now more than ever, it is vital to talk to your accountant, tax adviser and financial planner about your succession plans, sources of ongoing income, and likely tax consequences. I also strongly recommend that you review your partnership agreement with your solicitor and accountant (or make one, if you don’t currently have one), and review your wills.
You may or may not decide to make changes to your succession plan. Whilst tax consequences will inevitably play their part in your decision making, the first consideration should be who do you want to pass on the business to and if/when you wish to bring in the next generation. With the correct advice – taking into account all of your assets, not just the farm – you can ensure that you make the most of any reliefs and allowances available to you”.
Early advice on the effects on your business and any action you may wish to take can help to put your mind at rest and enable you to plan for the future.
How Can We Help?
When you instruct Hatchers, our experienced solicitors will work closely with your other advisers to:
- Action any gifts or transfers necessitated by your succession strategy
- Review or draft your partnership agreement (including setting up and registering any trusts with the Trusts Registration Service)
- Review your will
Call our team today on 01743 248545 to get your enquiry started.
