The Impact of Inheritance Tax Changes on Agricultural Estates
Recent proposals to alter inheritance tax rules for agricultural estates have sparked widespread concern among farming communities and industry professionals.
Agriculture, Farms, and Estates Partner Michael Miller featured in The Daily Telegraph to explain how the proposed £1 million limit for agricultural property relief and the inclusion of business property relief may disproportionately impact family farms and agricultural businesses.
“The proposal is ill-conceived if the justification for making it was to make agricultural land less attractive to non-farming, investment buyers,” Michael said.
“If this was the intention why also include business property relief within the £1m limit for the agricultural property relief?
“As such, one begins to appreciate why the ordinary farmer feels beleaguered by the inheritance tax changes since most family farms, once equipped with livestock and machinery, are likely to exceed the limited allowances and be caught by the tax.”
Michael also provided further insight into the complexities of inheritance tax changes, explaining options for those seeking to leverage the use of trusts to manage their assets.
Read the full articles here:
Why are farmers protesting over inheritance tax? | The Daily Telegraph
How farmers can avoid Labour’s inheritance tax raid| The Daily Telegraph
