Tax planning, succession and business structures
Many rural businesses including farms and estates have been in a family for generations.
We understand the long term nature of these types of businesses and also how these can change with the generations. Combining our firm’s expertise, we can ensure that the land ownership and business is protected for future generations.
Inheritance Tax Planning for Farmers/Rural Land Owners
Tax and succession planning is especially important for farmers and rural landowners. Whether it’s how to structure your business in order to maximise Inheritance Tax reliefs in advance of diversification into for example, wind, water or solar power or anaerobic digestion, or to ensure that the existing mix of farming and let properties has the best chance of qualifying for IHT reliefs, we can assist you.
We can review your existing structure and advise of any restructuring which may bring benefits as well as ensuring that your Will ties in with your business arrangements. Planning ahead reduces the risk of having to sell valuable assets to pay unexpected tax liabilities.
Trusts have been set up by families and businesses for many years to ensure that assets are both protected and passed down successfully. Landowners and farmers want structures that offer protection and flexibility. We can help you set up the trust that meets you needs.
Many of our land owning and farming clients conduct their business by way of partnership, be it traditional partnerships, limited partnerships or limited liability partnerships. We routinely prepare, renew or make adjustment to existing partnership agreements for clients. We also advise clients on the consequences of drafting and making adjustments; in particular on the effects they can have on legal rights, tax, profit share and capital ownership.
Rural properties are commonly held or run by companies often for ease of administration. We can assist with the incorporation and restructuring of a range of corporate business structures and help you with equity investment and raising funds. Click here for a full range of our corporate services relevant to rural businesses.
Many rural properties, and in particular those of a sporting nature, are held in timeshares or syndicate arrangements. Whether you’re looking to set up a timeshare or syndicate or buy a share of an existing timeshare or join a syndicate, we can help you through the process including the preparation of agreements, providing you with advice on your rights and your liabilities and how you can maximise your benefit and enjoyment.