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
Inheritance Tax is the tax due on the value of an individual's estate when they die. The Inheritance Tax threshold for the current tax year is £325,000, so in the event of death, an estate worth more than £325,000 will incur a tax charge of 40% (or 36% if 10% or more of the estate … Continue reading Inheritance Tax and Agricultural Property
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?