Our experienced team advises a wide range of rural businesses on their commercial, tax and succession requirements. Our strong reputation in the rural sector together with our considerable private client expertise provides a comprehensive service for our clients.
We understand the long-term nature of many rural businesses including farms and estates, which have been in a family for generations. We can offer the right combination of skills and experience to ensure that the land ownership and business is protected for future generations.
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.
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.
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.
News and insights
OnFARM producer Dave Howard visited law firm Gillespie Macandrew, whose Land and Rural Business team manages NFU Scotland’s legal helpline.
Perhaps most feel they are familiar with the principle, but some aspects are less well known, and some have been the subject of litigation over the past decade.
Our experienced team comprises expertise from our rural, private client, tax and corporate teams to provide comprehensive support for our clients. Get in touch with one of our team to find out how we can help you.All team
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