As a leading North Devon practice, we have a large number of clients who are engaged in business and agriculture. For many of these clients, keeping the assets together to pass on a viable business to the next generation is a high priority. Our solicitors can advise on how the various tax breaks and reliefs for agricultural property and business property interact, so that with careful planning the integrity of the business unit can be maintained so it can be passed on to the next generation.
There are a great many misconceptions about Agricultural Property Relief in particular. Many farmers believe that any farming activity or assets will qualify for 100% relief from inheritance tax and that consequently no IHT on agricultural businesses is payable. Unfortunately it is not that simple. The correct position is very much more involved. Regrettably many clients only discover that things are more complicated than they imagined after it is too late to do anything to improve the situation. We will be happy to review your business and to advise on what steps can be taken to maximise the relief that will be allowed on an estate consisting of agricultural or business assets.
