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CPD Hours Level
Learn Live 6 AdvancedInformation
Accreditation Information
SRA Competency B

Introduction

This 6 hour session is aimed at private client solicitors and tax advisers. It will consider the maximisation of the interaction of Business Property Relief (BPR) and Agricultural Property Relief (APR) on a diversified farm and estate.

The advanced level session will outline the need for IHT planning NOW for the farm business, especially with the move away from pure farming, considerations around the implications of claims for APR and BPR around the Agriculture Act 2020, especially ELMs (Environmental Land Management schemes) and the need to “fill the subsidy gap” with profitable diversification and/or development projects.

What You Will Learn

This live and interactive broadcast will cover the following:

  • The importance of farm values for APR and BPR planning and the need for a strong quality probate valuation - impact of Foster case on “hope value” and protection
  • The basis of hope valuation s.160 following Foster - "top down" v "bottom up"
  • Land registration as part of APR/BPR understanding
  • Partnership property and the need for legal clarity = 100% BPR v 50% BPR
  • The protection of a well drafted partnership agreement for maximising BPR (and APR)
  • The role of the executor in APR/BPR understanding and planning for probate interaction
  • The executor’s need to understand the APR/BPR claim complexities, the approval and signing of the IHT 400
  • The Estate of Thomas Gill, the farmhouse and the agricultural licence - APR and BPR success
  • The risk of a Larke v Nugus statement request, evidence of APR/ BPR verification and planning at the will drafting stage to fully integrate with succession planning
  • Using the power of the LPA (Lasting Power of Attorney) as an IHT planning tool
  • The role of farm accounts as evidence of ownership - post Ham v Bell for APR/BPR maximisation
  • Lifetime gifting to protect APR/BPR following APPG report
  • APR/BPR claims and the interaction of farming with renewable energy enterprises
  • The difference between 100% APR and 50% APR - the AHA (Agricultural Holdings Act) Tenancy 1986 and the FBT respectively - look at Agriculture Tenancy Reform under the Agriculture Act 2020
  • Achieving 100% BPR on let cottages - Balfour and Farmer - OTS suggestion of 80% trading %
  • New farm trading cases, e.g. Griffiths, Elliot Balnakeil, Blaenau Bach Farm, Babylon Farms, Heather Whyte and impact on the APR/BPR claims
  • Reviewing APR on farm workers cottages and the role of the AST (assured short hold tenancy)
  • The cases of Vigne and Graham - tax tribunal guidance on liveries and furnished holiday accommodation (FHA) - OTS positive review on FHA
  • The complication of the spectrum of the trading/holding investments line for BPR on diversified farm
  • The availability of IHT reliefs for the stud and other ‘non-agricultural’ equine activities
  • Techniques in completing the agricultural and equine elements of the IHT 400 to strengthen APR and BPR claims with evidence and case history
  • IHT penalties - the risk of unsupported/incorrect claims for APR/BPR
  • PI protection on the large quantum of APR/BPR claims - the Mehjoo case and the ‘need for a specialist’

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.

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Learn Live | 01.12.2022

N/A | 9:15am - 4:15pm


Agricultural & Business Property Relief - Beyond the Basics - Live at Your Desk

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Dec
1
2022
 
9:15am - 4:15pm

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Discounts are available for multiple places. If you have 5 or more people interested in participating in this virtual learning session please email us at group@mblseminars.com for more information.

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