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Succession and Inheritance Tax

If you own land, property or a business, you should have an effective succession plan in place, whether this is through a Will, trusts or both. Traditionally, farms are passed down through successive generations but it is crucially important that your property and business assets are divided up properly according to your wishes so that you can preserve them for the next generation. The issues involved are complex and costly, and lengthy disputes can easily be avoided when expert legal advice is taken. We can advise you on capital gains tax, inheritance tax and the appropriate reliefs that may apply.

The value of agricultural land has been steadily rising for many years and inheritance tax is highly likely to affect your estate when you die. Whilst agricultural property relief may be available you need expert advice to understand how it applies in practice. We can advise on the availability of agricultural and business property reliefs, steps you can take to maximise reliefs, and the ways in which you can ensure that you make best use of the reliefs available to you when you die. We can draw up an effective Will and, where necessary, create a trust. Even where you have succession plans (for example through a Will) in place, you should regularly review your affairs. Your Will also needs to accurately identify the agricultural and business assets you own. We can ensure that you leave such assets to the correct beneficiaries of your estate.

We can also help you effectively structure your business to take full advantage of tax reliefs and allowances available at any given time. We can advise and prepare Partnership Agreements for you which “dovetail” with your Will and discuss how you can make provision for the non-farming members of your family. We can prepare  Powers of Attorney to make sure that your family can continue to manage your affairs even when you have lost capacity. Farms like any other business need to have contingency plans in place for these unforeseen events.

For further information, please contact Alison Hall on 0191 232 8245 or email: alison.hall@hay-kilner.co.uk

Testimonials

  • "Alison Hall is an expert on private capital law and is regarded by commentators as a 'good lawyer with excellent drafting skills'."

    - Chambers & Partners

  • "I have been a client of Hay & Kilner for many years. They have been unfailingly efficient, helpful and courteous."

    - Client of Hay & Kilner

  • "Hay & Kilner provides tax, corporate and commercial advice to clients, and has particular expertise in the surrender of Agricultural Holdings Act tenancies and the granting of farm business tenancies."

    - The Legal 500

  • "Alison has outstanding interpersonal skills. Her advice was very clear and she always responded to queries promptly."

    - Client of Alison Hall

  • "Hay & Kilner attracts clients who appreciate its attentive service. Clients are drawn by the quality of advice and strength of the lawyers, who 'always treat clients as individuals, and with respect.'... Jonathan Waters is 'efficient, diligent and commercially minded," and receives praise for his "ability to prioritise his clients' needs effectively'."

    - Chambers Guide