Future of farming & Diversification
24th March 2015
An in depth review of the Inheritance Tax implications of some of the ways in which our clients are diversifying on the farm.
- Farmers are finding additional, non-farming methods of generating income from farmland.
- Values for agricultural property relief and business property relief may not be the same.
- The available relief can be halved where business assets are held off the business balance sheet.
- Investment assets can still be eligible for relief if, when looked at “in the round”, a business is being carried on.
- The importance of ascertaining the true ownership of assets in a a farming business.