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Farm Inheritance Planning, Farm Inheritance Tax & Succession Planning

Succession planning for your farming estate and Farm Inheritance Planning is the most important provision any farming family can make when looking to the future and making arrangements for the succession of your estate.

You and your family may have worked the land for generations and developed your farm into a thriving business. Careful planning can ensure that you protect your assets and provide for your family after your time in the most sensitive, strategic and tax efficient ways. Leaving things to chance is a risk not worth taking especially when exceptional Farm Inheritance Planning is within easy reach here at Lanyon Bowdler.

Our Agricultural lawyers are experts in working with farm owners to devise comprehensive Farm Inheritance and estate succession plans. Our bespoke and tailored Farm Inheritance solutions will provide a roadmap for traversing Farm Inheritance tax issues and planning for the handover of all responsibilities.

We are proud to be recommended as one of the NFU’s Agricultural law firms. Our Agricultural law team has been working with and protecting the interests of Farm owners and farming families for over a century, we recognise that rural and farming businesses are unique when it comes to succession planning, Will writing and inheritance tax, and provide a bespoke service to ensure personal circumstances are taken into consideration.

Agricultural business and farming sector expertise and specialisms are fundamental in this area of the law and Lanyon Bowdler can guarantee expert advice from some of the sector’s leading legal professionals.

Having long delivered farm succession planning services across Shropshire, Herefordshire, Wales and across the UK, we provide a level of industry knowledge and local insight that is seldom found anywhere else. Many of our solicitors have personal experience of living and working on farms, combining legal expertise with a life-long passion to ensure the very best legal advice for you, your family and your business.

Farm Inheritance Tax Law - Legal Expertise

Effective succession planning is vital for the continuing profitability of your farm and to ensure your family is able to capitalise on the various tax reliefs that are available. Our services cover all areas of this complex and often difficult area including:

Farm Estate Succession planning advice

As a farm owner, it is essential that you plan ahead to ensure the smooth transition of your family business to the next generation and we can advise you accordingly. This will help avoid any family disputes that may arise due to the division of assets and will ensure the farm continues to be profitable and successful.

Farm Owner Will drafting services

A Will is essential in any circumstance but in particular where a farm and family business at stake. Without a Will, the legal division and distribution of your estate, including your farm, land and other business assets won’t take into account the needs of your family. The expert team of lawyers at Lanyon Bowdler appreciates the importance of handing down the family business in accordance with your wishes for the farm and can prepare and draft your Will, tailored to your specific circumstances and future plans for the farm and land.

We pride ourselves on close client relationships and will visit your farm and meet your family to make sure that we thoroughly understand your business, your requirements and the needs of everyone involved.

Inheritance Tax relief advice and applications

Even if your estate exceeds the threshold for inheritance tax, there are certain exemptions and reliefs in place for agricultural property and businesses to enable them to be passed on tax-free in a Will or as a lifetime gift.

The criteria for being eligible for these exemptions include that:

  • The property must be part of a working farm
  • You must have owned the property for at least two years, or seven years if it has been rented out
  • The property is classed as agricultural land or pasture

You cannot rely on automatically passing your assets to the next generation for free, however, although your farming business may be eligible for these exemptions, it is a particularly complicated area of the law that requires specialist legal advice. Our agricultural team can help to ensure your family are not left with an overwhelming tax bill which could ultimately impact on the future survival of your farm business, by helping you understand what tax relief is available to you and helping you with your applications.

Our experience in negotiating with HMRC for both Agricultural Property Relief (APR) and Business Property Relief (BPR) will help secure the future of your farming business for generations to come.

Agricultural Land Diversification advice

Farmers and landowners are increasingly exploring the potential to boost their income through diversification of their land and property. We can help you with all matters relating to diversification including planning implications, employment and tenancy agreements, business structures, partnerships, and inheritance tax implications.

Farming Estate Administration

Our probate solicitors can help in all areas of estate administration and recognise the need to work quickly and efficiently to minimise stress and worry.

Contact Lanyon Bowdler's Farm Inheritance Solicitors

With branches in Shrewsbury, Bromyard, Hereford, Ludlow, Oswestry and Telford, and with a meeting room in Conwy, we are ideally situated to meet the needs of the surrounding towns, villages and rural communities including the neighbouring counties of Gloucestershire, Worcestershire, Staffordshire, Cheshire and Powys, and Mid and North Wales.

Our agricultural lawyers are more than happy to come and meet you at your farm or place of work, so gaining expert advice on all aspects of farming law couldn’t be easier. Contact the team or complete the online enquiry form, and someone will be in touch.

Testimonials

Excellent representation in court

- Mr Gibson, Telford

'You really cared and wanted the best possible outcome for our son'

- Mr & Mrs Abernethy, Cheshire

We found they always listened to what we had to say and replied in Queens English without a lot of legal jargon.

- Mr J Manley & Mrs B Manley, Craven Arms

Listened well, advised well.

- Gower House Ltd, Newport

Easy to work with and results are better or more than we expected or were advised. The team were really helpful.

- Six Forward Ltd, Wolverhampton

Quotes

She was supportive and very helpful - will be recommending to others who need a similar service.

- Mrs E Sumner, Telford

Superb in dealing with my case and care. I was extremely happy with the service and staff.

- Mr C Verlon, Telford

Going beyond the responsibility expected to ensure the satisfaction of the client.

- Mr Shaw, Hereford

Listened well, advised well.

- Gower House Ltd, Newport

Dealing with one person when possible. Clear, simple advice.

- Mrs S A Flynn, London

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Inheritance Tax Relief on Agricultural Land & Property

Types of Agricultural Land and Property can be passed on to your beneficiaries completely free of Inheritance tax. This can be arranged as part of your will or during your lifetime. 

Land & Property qualifying for Agricultural relief from inheritance tax is classified as pasture or land used to rear animals or for growing crops intensively. This comprises:

  • Some Agricultural shares and securities
  • Farmhouses, farm buildings & cottages 
  • Crops that are growing
  • Short rotation coppices
  • Land not current farmed (under the crop rotation scheme provision)
  • Land not currently farmed (under the habitat scheme provision)
  • Stud farms
  • Milk quota value associated with the land

 

Land & property assets currently excluded from agricultural relief from Inheritance tax

 

  • Farm machinery and Equipment
  • Crops already harvested
  • Livestock
  • derelict buildings
  • property already subject to a contract for sale

 

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