Inheritance tax is charged at 40% on estates valued over £325,000 and so for many farming families it is critical that they make sure their assets qualify for the reliefs available.
You will already have heard that Agricultural Property Relief is available to protect farms from Inheritance Tax, however there are many complicated conditions some of which are the result of test cases which have gone through the courts. We can carry out a review of your circumstances and advise you on the conditions which you need to meet to qualify for the relief
Business Property Relief is available to protect unincorporated businesses and shares in unquoted trading companies. Again this is a complicated relief and given the level of tax at stake you are advised to take professional advice to make sure that your particular business qualifies.
You may plan to pass some assets to your children or grandchildren. This can help save Inheritance Tax but must be done with care and you should always make sure that you do really want to give the asset away. We can help you to make informed decisions and advise you of any risks.