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Unravelling the Budget for Farmers: Edward Rees and David Pugh
Edward Rees and David Pugh discuss the Autumn 2024 budget, which they speculate will have a seismic impact. In particul...
Farm Inheritance Planning, Farm Inheritance Tax & Succession Planning.
Succession planning for your farming estate and Farm Inheritance Planning is the most important provision any farming family can make when looking to the future and making arrangements for the succession of your estate.
You and your family may have worked the land for generations and developed your farm into a thriving business. Careful planning can ensure that you protect your assets and provide for your family after your time in the most sensitive, strategic and tax efficient ways. Leaving things to chance is a risk not worth taking especially when exceptional Farm Inheritance Planning is within easy reach here at Lanyon Bowdler.
Our Agricultural lawyers are experts in working with farm owners to devise comprehensive Farm Inheritance and estate succession plans. Our bespoke and tailored Farm Inheritance solutions will provide a roadmap for traversing Farm Inheritance tax issues and planning for the handover of all responsibilities.
We are proud to be recommended as one of the NFU’s Agricultural law firms. Our Agricultural law team has been working with and protecting the interests of Farm owners and farming families for over a century, we recognise that rural and farming businesses are unique when it comes to succession planning, Will writing and inheritance tax, and provide a bespoke service to ensure personal circumstances are taken into consideration.
Agricultural business and farming sector expertise and specialisms are fundamental in this area of the law and Lanyon Bowdler can guarantee expert advice from some of the sector’s leading legal professionals.
Having long delivered farm succession planning services across Shropshire, Herefordshire, Staffordshire and Wales, we provide a level of industry knowledge and local insight that is seldom found anywhere else. Many of our solicitors have personal experience of living and working on farms, combining legal expertise with a life-long passion to ensure the very best legal advice for you, your family and your business.
Farm Inheritance Tax Law – Legal Expertise
Effective succession planning is vital for the continuing profitability of your farm and to ensure your family is able to capitalise on the various tax reliefs that are available. Our services cover all areas of this complex and often difficult area including:
Farm estate succession planning advice
As a farm owner, it is essential that you plan ahead to ensure the smooth transition of your family business to the next generation and we can advise you accordingly. This will help avoid any family disputes that may arise due to the division of assets and will ensure the farm continues to be profitable and successful.
Farm owner will drafting services
A will is essential in any circumstance but in particular where a farm and family business at stake. Without a will, the legal division and distribution of your estate, including your farm, land and other business assets won’t take into account the needs of your family. The expert team of lawyers at Lanyon Bowdler appreciates the importance of handing down the family business in accordance with your wishes for the farm and can prepare and draft your will, tailored to your specific circumstances and future plans for the farm and land.
We pride ourselves on close client relationships and will visit your farm and meet your family to make sure that we thoroughly understand your business, your requirements and the needs of everyone involved.
Inheritance tax relief advice and applications
Even if your estate exceeds the threshold for inheritance tax, there are certain exemptions and reliefs in place for agricultural property and businesses to enable them to be passed on tax-free in a will or as a lifetime gift.
The criteria for being eligible for these exemptions include that:
- The property must be part of a working farm
- You must have owned the property for at least two years, or seven years if it has been rented out
- The property is classed as agricultural land or pasture
You cannot rely on automatically passing your assets to the next generation for free, however, although your farming business may be eligible for these exemptions, it is a particularly complicated area of the law that requires specialist legal advice. Our agricultural team can help to ensure your family are not left with an overwhelming tax bill which could ultimately impact on the future survival of your farm business, by helping you understand what tax relief is available to you and helping you with your applications.
Our experience in negotiating with HMRC for both Agricultural Property Relief (APR) and Business Property Relief (BPR) will help secure the future of your farming business for generations to come.
Agricultural land diversification advice
Farmers and landowners are increasingly exploring the potential to boost their income through diversification of their land and property. We can help you with all matters relating to diversification including planning implications, employment and tenancy agreements, business structures, partnerships, and inheritance tax implications.
Farming estate administration
Our probate solicitors can help in all areas of estate administration and recognise the need to work quickly and efficiently to minimise stress and worry.
Inheritance Tax Relief on Agricultural Land & Property
Types of Agricultural Land and Property can be passed on to your beneficiaries completely free of Inheritance tax. This can be arranged as part of your will or during your lifetime.
Land & Property qualifying for Agricultural relief from inheritance tax is classified as pasture or land used to rear animals or for growing crops intensively. This comprises:
- Some Agricultural shares and securities
- Farmhouses, farm buildings & cottages
- Crops that are growing
- Short rotation coppices
- Land not current farmed (under the crop rotation scheme provision)
- Land not currently farmed (under the habitat scheme provision)
- Stud farms
- Milk quota value associated with the land
Land & property assets currently excluded from agricultural relief from Inheritance tax
- Farm machinery and Equipment
- Crops already harvested
- Livestock
- derelict buildings
- property already subject to a contract for sale
Testimonials
What our clients say.
From the first contact, the team at Lanyon Bowdler gave a fast & efficient service. They were very friendly & gave me the confidence that I had found the right solicitors. The advice given & the fast responses were beyond my expectations. The matter was resolved in no time at all.
Martyn
via ReviewSolicitors
Since dealing with Lanyon Bowdler they have been diligent, efficient and at all times very helpful along with being structured in dealing with matters, fees and clarity on all levels. Thank you.
Michael
via ReviewSolicitors
I was clearly informed of progress step by step. The service you provided was very good.
Peter Weston
Shrewsbury
All work carried out effectively and efficiently.
Hubert Jones
via ReviewSolicitors
An excellent service with solicitors that you can talk to and who give you a clear understanding of all necessary legal implications and interpretations.
Eric
via ReviewSolicitors
From start to finish we had excellent service. Friendly, approachable and professional.
Carl Gittins
via ReviewSolicitors
Very clear, concise advice and guidance, easy to understand.
Ian Jamieson
Telford
Good service provided throughout with clear communication throughout with all options explored.
Lee
I can thoroughly recommend the highly professional and supportive service received over the last few months.
Heather
via ReviewSolicitors
Responsive, supportive, approachable, clear and empathetic.
Lisa Thacker
Professional and prompt communication. Supportive and client focused.
Lisa Thacker
Jennifer M Whittall Ltd
Whenever I have had need to contact Lanyon Bowdler I have always received a fast, concise and friendly response.
Lee Mortimer
UK Case Management
Definitely would use Lanyon Bowdler again if I need the use of a solicitor.
Mark Bowkett
via ReviewSolicitors
Smooth and efficient service from very professional firm.
Tim
via ReviewSolicitors
We were particularly impressed with the quality of work, the speed and excellent communication.
Allenby Douglas Ltd
Oswestry
Excellent legal advice on water extraction licence.
Elizabeth Morris
via ReviewSolicitors
Very friendly and approachable. Very good advice
Ivor Brown
via ReviewSolicitors
Great Service; Lanyon Bowdler were excellent from the outset. Straightforward and easy process. I just sat back and waited.
Paul Rowe
via ReviewSolicitors
Not only professional, but super fast.
Raj
via ReviewSolicitors
Everything has been professional, efficient and courteous throughout and we are very pleased, both with the service and with the eventual outcome of our case. Everything was first class and exceeded our expectations. Thank you again for providing such splendid service. It is really appreciated.
Mr N J & Dr S J Browne
Llanfyllin
Accreditations
Our awards and accolades.
Contact Lanyon Bowdler’s Farm Inheritance Solicitors
With branches in Shrewsbury, Bromyard, Hereford, Ludlow, Oswestry, Telford and Conwy, we are ideally situated to meet the needs of the surrounding towns, villages and rural communities including the neighbouring counties of Gloucestershire, Worcestershire, Staffordshire, Cheshire and Powys, and Mid and North Wales.
Our agricultural lawyers are more than happy to come and meet you at your farm or place of work, so gaining expert advice on all aspects of farming law couldn’t be easier. Contact the team or complete the online enquiry form, and someone will be in touch.
Our people
Meet the team.
Knowledge
Latest knowledge.
Podcast
Blog
Changes to Agricultural and Business Property Relief
There has been much anxiety among British farmers over amendments to Agricultural Property Relief (APR) in the rece...
Podcast
We Are Farming Minds: Lizzie Cross and Emily Jones
We Are Farming Minds is a registered charity set up to help raise mental awareness in the rural communities of Herefords...
Podcast
LISTEN AGAIN: Estates and Farming Disputes – Edward Rees and Claire Vale
The various types of farming disputes affecting the estates of farmers - the farm owner hasn't left a will, or when bene...
Blog
Farm Diversification – Tax Considerations and Consequences
Diversification can lead to new sources of income, and may also be an attractive business project for younger gener...
Blog
Farm Disputes
Farms often present a twin dilemma for farm owners when they are contemplating making a will: 1) how to facilitate ...
Blog
Farmers and Landowners Should be Aware of Landmark Natural England Legal Ruling
A recent court case in which Natural England was found to have insufficient power to threaten a farmer with jail is...
Case Study
Oldfields Cider
We found the team to be exceptionally knowledgeable and efficient in resolving any problems quickly....
Podcast
Agricultural Tenancies and Succession – Steven Corfield
We discuss the importance of agricultural tenancies and partnership agreements....
Podcast
Farming Partnerships – Steven Corfield
What should be covered in a partnership agreement, what happens if the partnership suddenly ends and more. ...
Podcast
Legal Aspects Relating to Agricultural Property – Steven Corfield
Discussing the legal aspects relating to agricultural property....
Blog
Discovery of Viking Hoard Leads to Jail Sentences for Metal Detectorists
The legal obligations and responsibilities imposed on metal detectorists were highlighted in a well-publicised case...
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