Preparing for future tax changes

With Spring underway, many rural businesses are thinking ahead to the coming tax reforms, particularly concerning inheritance tax and capital gains tax. While the full details are expected in Summer 2025, now is the ideal time to review not just your tax position, but also your legal arrangements as a whole.

“One of the most common causes of delay in succession planning or business transactions is uncertainty over property ownership and legal documentation,” says Sarah Parker, Head of Agriculture at Ware & Kay incorporating Pearsons & Ward Solicitors in Malton. “This can create significant challenges, particularly in rural estates where land has been passed down through generations. Unwritten agreements, missing title deeds, and unclear ownership records can slow down transactions, increase costs, and lead to unexpected disputes”.

Key areas to review

• Title Deeds & Land Ownership: Are your records accurate and protected
  • Are they in the correct names of the actual owners?
  • Are they held in a way that aligns with your Will and succession plans?
  • If you land is unregistered land, is ownership properly recorded and protected?
  • Do your Deeds account for all the land you believe you own?
  • Is ownership properly reflected in the Deeds? Is everything up to date?

Ensuring your land is accurately documented is essential for avoiding legal disputes, securing future transactions, and protecting generational ownership. For unregistered landowners, taking proactive steps now can prevent complications down the line.

• Tenancies & Partnership Agreements
  • Are the owners named on the legal title in occupation? If not, do you have a tenancy in place?
  • Are these tenancy and partnership agreements in writing and do they align with what is actually happening within the business, including who owns the land you are farming, tenancies from landowning partners to the partnership as a whole as well as your accounts position?
  • Do the agreements reflect the arrangements that you believe are in place?
  • Do they take into account eventualities such as death of loss of capacity?
  • Are the start dates of tenancies and partnerships clearly documented?

Lack of clarity or inaccuracies in these agreements or your ownership documentation can lead to an array of issues, from delays and problems moving forward to tax complications. The more detailed an understanding the documents can provide, the better.

• What now?
  • If your land remains unregistered, it may be time to apply for voluntary first registration with the Land Registry. This secures legal proof of ownership, simplifies future transactions, and clarifies succession planning.
  • If tenancies and partnerships are unwritten, consider formalising these arrangements in writing. Clarity can only benefit the business.
  • If anything appears incorrect or uncertain during your review, get it checked.
  • Know your worth! Do you really know how much your assets are worth?

How we can help

At Ware & Kay incorporating Pearsons & Ward Solicitors, we specialise in succession planning, agricultural tenancies, partnership agreements, and unregistered land matters. If you would like advice on reviewing your deeds or legal agreements, we are here to help.

Contact Sarah Parker, Head of Agriculture for expert legal advice on Malton 01653 692247, York 01904 716000, or Wetherby 01937 583210 or email sarah.parker@warekay.co.uk.