Wills & Tax Planning for Farmers & Landowners - The Latest Position - Webinar

Introduction

This webinar will explore solutions to the problems currently facing farming with high value farms against the uncertainties of the move to ‘farming for the environment’ etc.

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 the understanding of the farming family’s needs and wishes as translated into tax planning and will protection.

The webinar 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 webinar 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 working party as announced in the 2024 Budget
• The considerations around tenancy reform impact under the rejection of the Rock Review eight year tenancy and the working party
• 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 in the context of will drafting with the Budget news of FHA (Furnished Holiday Accommodation)
• Recent tax tribunals, e.g. Eva Mary Butler and others and the wedding barn and the need to plan when serious illness is known
• 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 post the response
• The understanding of the land capital account in wills and probate
• The Trust Registration rules - partnership property protection of 100% BPR
• 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 and development potential pre and post probate
• Current diversification reality and potentials - impact on tax planning and the provisions for IHT liabilities as shown in the case N Hall and another (as trustees of Carolina Raboni deceased) and the need to calculate the IHT liability at an early stage