Rural Business

Inheritance tax planning

We understand the importance of tax and succession planning for farmers and rural landowners and have considerable experience advising on business structures which maximise Inheritance Tax (IHT) reliefs, for example where the business may have plans to diversify into wind, water or solar power.  We can also advise in relation to businesses with a mix of farming and let properties in order make the most of the available IHT reliefs.

We can review any existing structure and advise of any opportunities which may bring benefits, as well as ensuring that Wills tie in with business arrangements. We always recommend planning ahead in order to reduce the risk of having to sell valuable assets to pay unexpected tax liabilities.

Partnerships

We regularly advise our land owning and farming clients on business structures including those in traditional partnerships, limited partnerships and limited liability partnerships.  Our advice often involves preparing, renewing or adjusting existing partnership agreements, as well as on the consequences of any changes, particularly in relation to legal rights, tax, profit share and capital ownership.

Trusts

We have particular expertise in relation to setting up Trusts in order to protect clients and their families and to ensure assets are passed down successfully.  There are a number of options for farmers and landowners which provide this protection, as well as flexibility, and we can advise on the most favourable option based on clients’ wishes and circumstances. For more information on Trusts, see here.