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

Introduction

Farming is going through change with the proposed 50% AR and BR.

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.

All farm wills need updating.

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 and their wills need updating accordingly.

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
• The risk of young farmers receiving gifts without a will in place
• The importance of LPA and farmers for farm accidents
• Disadvantages of DIY wills e.g. Abrahams
• The scare of the timeline for 50% AR/BR April 2026 or 2027. What of the Reform Party gaining power?
• Use of the surviving spouse exemption for modern day farming
• Incorrect wills e.g. Williams
• The need for an informed medical regarding life expectancy - see the case of Butler
• 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
• Forensic understanding of the farm operation
• Incorrect farm wills e.g. Williams and rushed wills from the changes and uncertainty e.g. BR 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 BR
• 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

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.