Wills & Tax Planning for Farmers & Landowners - The Current Position

Introduction

This virtual classroom seminar will explore solutions to the problems currently facing farming with high value farms against the uncertainties of the move to ‘farming for the environment’, the drop in subsidies and the Prime Minister’s latest purge for food production.

It will explain in practical terms how farmers are dealing with the current changes, ranging from ‘head in the sand’ to full succession planning, which of course needs the protection of an updated will and associated tax planning. Ironically all the current farming and tax press are prolific in their reporting of the need for succession planning which incorporates the well thought through will.

Such work is very much part of inheritance tax and ‘probate’ planning and also the understanding of the farming family’s needs and wishes as translated into tax planning and will protection. The session is suitable for anyone currently acting for farmers and will provide a useful update on identifying the problems and finding the tax solutions which twins with will planning.

What You Will Learn

This live and interactive session will cover the following:

• The move to ‘farming for the environment’, ELMs and the need to review and start all succession planning and wills for the impact of the changes for farming clients
• Protection of the farm business post ‘probate’ as part of will drafting
• Awaiting the results of the farming for environment tax consultation e.g., sale of carbon credits, recording biodiversity net gain, and the power of natural capital
• The considerations around tenancy reform impact under the Rock Review and the consultation
• The risk and power of the farming dispute claim - the need for a strong will file and robust protection through letter of wishes and quality tax planning notes
• The importance of potential Larke Nugus claims and protection planning
• The practical implications of farm intestacy
• Considerations of lifetime gifting with Gifts with Reservation of Benefit (‘GROB’) and failure of Potentially Exempt Transfers (‘PETS’)
• Practical tips in maximising APR and BPR claims
• Recent tax tribunals, e.g. Eva Mary Butler and others and the wedding barn
• The ‘family farming succession charter’ - ensuring all needs of the farming business and family are considered
• The power and tax importance of the well drafted partnership agreement and interaction with the will
• The impact of farming agreements e.g., CFAs, JVs, and share farming on will planning
• The understanding of the land capital account in wills and probate
• The Trust Registration rules - partnership property
• The importance of robust farm accounts that reflect correct farm ownership and protect APR, BPR and business CGT relief claims
• High farm values - low farm profits: the possible sale of the farm pre and post probate
• The interaction of farm development potential, hope value and ‘fairness’ of proceed distribution within the family succession planning
• Current diversification reality and potentials - impact on tax planning and the provisions for IHT, e.g. N Hall and another (as trustees of Carolina Raboni deceased)
• Abrahams (Ingram) and the problems of ‘DIY wills’
• The quirks of nuptial agreements and surviving spouse exemption

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.