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By submitting an enquiry through 'get in touch' your data will only be used to contact you regarding your enquiry. If you would like to receive newsletters from Thomson Snell & Passmore please use the separate form below.

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  • Overview

    This case study demonstrates the expertise of our Wills, Trusts & Tax Planning team who have recently settled a farming case, saving a potential IHT liability of over £500,000.

    Over the last couple of years we have noticed an increase in the number of farming estates being challenged on claims for Agricultural Property Relief (APR) and Business Property Relief (BPR) by HMRC - IHT.

    Claims for tax relief have been and continue to be invaluable for beneficiaries who wish to become the next generation of farmers.

    Mrs P was a crop farmer with some grazing land. Mrs P became physically unable to carry out the farming work herself and put a Farm Business Tenancy in place with the tenant farmer dealing with the day-to-day farming activity. This arrangement was later ended by Mrs P, who took the land back in hand and instead employed the tenant farmer as a contractor to carry out the physical farming work under her instruction.

    The Revenue questioned the APR claim on the farm and we had to demonstrate that the running of the farm was carried out by Mrs P rather than her contractor. Other issues arose concerning the farmhouse, use of the farm buildings, income from let cottages and a drop in farm income in some years which the Revenue tried to argue as demonstrating that the farming operation was winding down.

    We successfully secured APR for the majority of the farm. In addition, BPR was secured on the cottages and also on a telephone mast.

    It is clear that the Revenue is challenging more aspects of farming estates and in light of this we would recommend that farmers review their farming arrangements and seek legal advice to clarify issues concerning APR and BPR.

  • Related Services

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    A probate lawyer will give you clear guidance about the different levels of service on offer, the steps involved, the costs and probable timings.

    Wills, Trusts & Tax Planning

    Our specialist lawyers provide high quality, intelligent advice that is comprehensive, considered and clear.

    Inheritance Tax advice

    Inheritance Tax can often be minimised with careful planning.

    Estate planning advice

    Careful planning can reduce your estate's tax bill considerably. As specialists in succession and related tax planning, we can offer practical and effective advice on a wide variety of issues.

    Personal tax returns

    By keeping abreast of developments, we can help you deal with all of the issues surrounding personal, estate and trust tax returns.

Get In Touch

By submitting an enquiry through 'get in touch' your data will only be used to contact you regarding your enquiry. If you would like to receive newsletters from Thomson Snell & Passmore please use the separate form below.

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We respect your privacy and want news to be relevant. To either, click here or update your preferences by emailing us at info@ts-p.co.uk. Your personal data shall be treated in accordance with our & .

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Jargon Buster