The controversial changes to Agricultural Property Relief (APR) and Business Property Relief (BPR) announced in last year’s autumn budget are getting closer, and are due to be implemented next April. They include the proposed APR alterations, widely labelled as a ‘Family Farm Tax’, making succession planning for farmers more important than ever before. Solicitor Lucy…
“People like me will simply put it in a Trust and, as long as I live for seven years, that’s fine.” Jeremy Clarkson So said Jeremy Clarkson when clashing with the BBC’s Victoria Derbyshire in typically flamboyant style when protesting with farmers about Labour’s changes to IHT relief for farmers. A substantial increase of tax…
Jason Crocker, Solicitor in Penderlaw’s Wills, Trusts and Probate team discusses the options available to farmers to mitigate the impact of Rachel Reeves’ autumn budget and to try to preserve their assets for future generations. Farmers were undeniably in the firing line of Rachel Reeve’s autumn budget. Her plans to change inheritance tax rules in…
It is a sad fact that farmers’ families often face huge inheritance tax bills if effective succession planning has not been implemented. Tax relief is currently available, but many don’t receive it because the required processes have not been followed. Alarmingly, an NFU Mutual survey in 2017 found that less than 50% of farming families…
