Agricultural & Business Property Relief - Beyond the Basics
This brand new full day course 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 course will outline the need for IHT planning at an early stage of the farm business, especially with the move away from pure farming, and at the all-important drafting and review of the will.
What You Will Learn
The course 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
- Land registration as an IHT planning tool
- 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
- The executor’s need to understand the approval and signing of the IHT 400
- The Estate of Thomas Gill, the farmhouse and the agricultural licence
- The risk of a Larke v Nugus statement request, evidence of APR/ BPR verification and planning at the will drafting stage
- Using the power of the LPA (Lasting Power of Attorney) as an IHT planning tool
- The role of farm accounts as evidence - post Ham v Bell for APR/BPR
- Preparing for possible loss of APR legislation in the future - generic maximising of BPR potential during life as protection
- IHT planning around the role of the spouse in the farm operation and the IHT planning
- 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 Consultation
- Achieving 100% BPR on let cottages - Balfour and Farmer
- The OTS (Office of Tax Simplification) review of IHT considerations around the trading %, lifetime gifts
- Reviewing APR on farm workers cottages and the role of the AST (assured short hold tenancy)
- Achieving BPR on the hope value on potential development land - the Foster case
- The basis of hope valuation s.160 following Foster - "top down" v "bottom up"
- The complication of the spectrum of the trading/holding investments line for BPR
- The recent cases of Vigne and Graham - tax tribunal guidance on liveries and furnished holiday accommodation (FHA) - OTS positive review on FHA
- 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
- 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’
Please let us know if you wish to be notified.
Please let us know if you wish to be notified when new dates are added for this programme