Many farmers and estate owners do not properly retire but there may come a point when you wish to take a step back from the day to day operations and let the next generation take on the business. We understand all aspects of the challenges of succession and provide practical solutions to suit you and other family members involved.
Often succession planning will involve making lifetime gifts of business assets to younger members of the family. We have a wealth of experience in advising on how this can be done tax efficiently whilst taking into account the needs of more than one generation (often three generations).
We can offer expert business and tax advice on structuring agricultural businesses that will qualify for inheritance tax business property relief, so that you can continue to maintain your lifestyle and way of life all the way through your retirement.
Our services include:
- Business and tax advice on the event of a lifetime succession or surrender of an Agricultural Holdings Act (AHA) tenancy.
- Business and tax advice on setting up a contract farming agreement or share farming agreement.
- Creating a tax efficient business structure for the whole family using Balfour planning principals.
- Tax advice on the implications of making lifetime gifts of land, property or shares to other members of the family.
- Advice on making lifetime gifts of land, property or shares into trust.
- Review of your inheritance tax position to identify any exposure to tax on death.
- Liaising with your legal advisers to review the tax efficiency of your wills.
- Creating a tax efficient and affordable retirement plan, considering yours and your family’s needs.
- Advice on pension arrangements.
Please do not hesitate to contact us to discuss how we can help you manage plan for succession and retirement.