Wills & Tax Planning for Farmers & Landowners - The Current Position

Introduction

This new virtual classroom seminar will explore solutions to the problems currently facing farming with high value farms against the uncertainties of the move to ‘farming for the environment’ and drop in subsidies.

It will explain in practical terms how farmers are dealing with the current changes, ranging from ‘head in the sand’ to full succession planning, which of course needs the protection of the will.

Ironically all the farming and tax press are prolific in their reporting of the need for succession planning which incorporates the updated will.

Such work is very much part of farm succession planning and also the understanding of the farming family’s needs and wishes as translated into tax planning and will protection.

The session is suitable for anyone currently acting for farmers and will provide a useful update on identifying the problems and finding the solutions.

What You Will Learn

This live and interactive session will cover the following:

• The move to ‘farming for the environment’, ELMs and the need to review and start all succession planning and wills for the impact of the changes for farming client
• What will happen to the farm post probate in will drafting?
• The fallout of the DEFRA farm exit scheme
• The interaction of all farm changes e.g., sale of carbon credits, recording biodiversity net gain, and the power of natural capital
• The risk and power of the farming dispute claim - the need for a strong will file and robust protection through letter of wishes and strong tax planning notes
• The importance of Larke Nugas claims and protection
• The practical implications of farm intestacy
• The side-lining of IHT and CGT are form proving scope to act now
• Considerations of lifetime gifting with Gifts with Reservation of Benefit (‘GROB’) and failure of Potentially Exempt Transfers (‘PETS’)
• Practical tips in maximising APR and BPR
• The family farming succession charter - ensuring all needs are considered
• The power and tax importance of the well drafted partnership agreement
• The impact of farming agreements e.g., CFAs, JVs, and share farming
• The understanding of the land capital account
• The Trust Registration rules - partnership property
• The importance of robust farm accounts that reflect correct farm ownership and protect APR, BPR and business CGT relief
• The considerations around tenancy reform impact under the Agriculture Act 2020
• High farm values - low farm profits: the possible sale of the farm pre and post probate
• The interaction of development potential, hope value and ‘fairness’ within the family
• Current diversification potentials - impact on tax planning

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.