Wills & Tax Planning for Farmers & Landowners - Beyond the Basics

Introduction

Farming is going through change with the proposed 50% APR and BPR above £1million plus the spouse’s £1million allowance.

There has been full focus on succession planning with a lot of lifetime gifting opportunities and restructuring.

This is against a backdrop of uncertainties e.g. the working group on farming for the environment, full on diversification and total confusion around sustainable farming initiatives (‘SFI’).

The costs of IHT and end of life care must be considered the possibility of “hit list”. All farm succession planning needs updating post Budget 2025.

All farm wills need updating with good property advice, valuation and possible sales.

All farms need updated succession planning and the ‘next generation’ need to ensure all their wills are in place.

The role of the farming spouse (with surviving spouse relief for IHT remaining) takes centre stage with the £1million transferable allowance and their wills need updating accordingly.

Downsize the farmhouse following the mansions tax and IHT vulnerability.

What You Will Learn

This live and interactive course will cover the following:

• What farmers can learn from the case of Liam Payne and dying without a will despite many advisers
• Problems of intestacy, especially with the spouse advantages
• The risk of young farmers receiving gifts without a will in place
• The importance of LPA twinned with will and farmers for farm accidents
• Disadvantages of DIY wills e.g. Abrahams
• The scare of the timeline for 50% APR/BPR April 2026 and now the £1million allowance. What of the Reform Party gaining power? 0% IHT.
• Use of the surviving spouse exemption for modern day farming
• Incorrect wills e.g. Williams and complex disputes, e.g. Maile
• The need for an informed medical regarding life expectancy - see the case of Butler and generally to understand tax planning
• The importance of not holding investments for s105(3) not just pushing over the line but the need for a trade e.g. ‘Tanner Farm Hotel’ and the Kingsworthy Fishery Clubhouse
• Considering updating all farm wills for the current uncertainties and changes, especially around the spouse and lesson learnt from Maile
• Forensic understanding of the farm operation as part of will drafting
• Incorrect farm wills e.g. Williams and rushed wills from the changes and uncertainty e.g. BPR and farming for the environment
• What provision for IHT with all the uncertainties e.g. the delays of the working party and farming for the environment and BPR
• Changes and tax uncertainties surrounding farming in the context of complex and unusual farm diversification e.g. vineyards, renewable energy, camping and events together with farming for diversification
• Valuations - can be reduced by lack of written agreements for lease arrangements and diversifications
• But leaving disorganisation not a good overall planning point

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.