Business Property Relief (BPR) can exempt assets from Inheritance Tax (IHT) on the basis that they were used in a genuine business, assuming all other qualifying criteria is met. It is not available where the business activity is wholly or predominantly holding investments. In The Estate of Maureen W Vigne (deceased) v HMRC , HMRC … Continue reading Taxpayer Victory: Tribunal Grants Inheritance Tax Relief to Livery
Agricultural Property Relief (APR), if obtained, allows an individual to pass on agricultural property, either in their Will or during their lifetime, free of Inheritance Tax (IHT). Business Property Relief (BPR) reduces the IHT payable on a wider class of qualifying business assets when they are left in a Will or passed on during lifetime. … Continue reading Your Redundant Farm Building could be Restricting your Inheritance Tax Relief
Most land owners are aware of Agricultural Property Relief (APR) and could be forgiven for thinking that this means there is no risk of their Estate paying Inheritance Tax. Unfortunately there are situations where farmland does not qualify for 100% APR. There have been cases where the HM Revenue & Customs have successfully challenged claims … Continue reading Estate Planning and Farmland
Most land owners are aware of Agricultural Property Relief (APR) and could be forgiven for thinking that this means there is no risk of their Estate paying Inheritance Tax. Unfortunately there have been cases where the HM Revenue & Customs have successfully challenged claims for APR and the rules are complicated. This is particularly true … Continue reading Estate Planning and Farmhouses
The decline in farming incomes has encouraged many rural businesses to diversify in order to maintain their lifestyle or even to keep their business solvent. Many farmers have found they can make good use of land and property and have turned otherwise idle assets into a reliable source of income. Many land owners have had … Continue reading When Is A Farmer Not A Farmer?
With the increase in land prices, grazing agreements have become important for any landowner wishing to ensure that he retains valuable tax reliefs both for capital gains tax and agricultural property relief, including the farmhouse. To secure these capital gains tax and inheritance tax advantages, the land owner must be able to demonstrate that the … Continue reading Do You Wish To Secure Valuable Tax Reliefs On Grazing Land?
As you may be aware, a new amendment to planning laws in England allows farm buildings to be re-developed into dwellings in certain circumstances, without requiring special planning permission. Good news for farmers, you might think, but beware! The effect is that farming families could be caught for extra Inheritance Tax on outbuildings that they … Continue reading Will Your Farm Buildings Still Qualify As Agricultural Property?
Historically, farmers have provided for the population by producing the basic necessities of life such as food and clothing materials. In modern times, energy is the most precious and yet essential of commodities, so it seems only natural that the evolution of farming should include the supply of renewable energy. From hosting wind farms and … Continue reading Renewable Energy – Making Farming Greener
For landowners looking to secure income through renewable energy development, a key decision is whether to go it alone and install and operate the project themselves, or simply to lease the land to a developer. But the two options have very different tax consequences from the perspective of capital taxes. The major concern for most … Continue reading Renewable Energy: Beware The IHT Implications!
Probably a question that you wouldn’t normally associate with farmhouses, or indeed, farming, but it is relevant for Inheritance Tax (IHT). Most farmers are not concerned about IHT, believing that their farm will qualify for 100% Agricultural Property Relief (APR) and in many cases the farm is the most valuable asset in their estate. Unfortunately … Continue reading “Does Your Farmhouse Pass The Elephant Test?”