Anticipating Tax Reforms: What Farmers and Family Businesses Need to Know

17 December 2024 Wills and estates

As the seasons change and we settle into winter, the aftermath of the Autumn Statement delivered on 30 October is still fresh in the minds of rural family businesses. While the chancellor set out broad financial plans, the finer details—particularly those concerning tax changes—are expected to be rolled out in Summer 2025. For farmers and rural enterprises, this delay only prolongs the uncertainty surrounding potential reforms to capital taxes, such as inheritance tax and capital gains tax. These taxes hold significant importance for farming families, where reliefs for agricultural property (farmland and buildings) and business property (the trading aspects of a farm) are vital for preserving generational ownership and business continuity. Over the years, discussions around reforming these reliefs have been a recurring theme, typically aimed at increasing government revenue. While no immediate changes have…

Fields of Promise: Navigating Farming Disputes and Proprietary Estoppel

13 December 2024 Litigation

Clashes over the ownership of the family farm are sadly not uncommon among farming families. Legal battles often ensue after a family member works on the farm for years, often for low pay and infrequent holidays, on the understanding that they will eventually take ownership of the farm – only to find themselves expelled from the farm following a disagreement, or that the Will makes no or inadequate provision for them. In either of these scenarios, a claim for proprietary estoppel may be a useful tool; if successful, such a claim may force the defendant to honour the promise made to the disappointed farm worker, as Julie Bradwell, Associate Solicitor at Ware & Kay incorporating Pearsons & Ward Solicitors in Malton, York & Wetherby, explains. What is proprietary estoppel? Proprietary estoppel is a legal doctrine…

Is a postnuptial agreement part of your family business succession plan?

09 December 2024 Family Matters

The 2020s have been called ‘The Great Wealth Transfer,’ as £1 trillion of wealth built up by the ‘baby boomers’ is expected to pass to the next generation. Much of this wealth will pass via a family business, and parents who wish to retire are having to make strategic decisions about succession planning. A particular concern for many is the potential impact on a family business of a divorce or the dissolution of a civil partnership, and the consequent negotiations of a financial settlement. ‘Business difficulties can arise for any number of reasons, and directors usually have business strategies, budgets and contingency plans,’ says Samantha Sinclair, Head of Family with Ware & Kay incorporating Pearsons & Ward Solicitors in York, Wetherby & Malton. ‘However, few businesses have a plan for what would happen if an…

Financial checks when buying a property

02 December 2024 Property Disputes

When your offer on a new home is accepted, you will probably want to get things moving quickly. Before your solicitor can start work, there are some important checks that they must carry out to verify your identity and check your source of funds. Sadly fraud has become an increasing problem in recent years, with professional criminals targeting conveyancers and home buyers in what are often very sophisticated scams. It can be easy to lower your guard in the excitement of buying your new home. ‘Your solicitor will need certain information from you,’ explains Lucy Gilman, Associate Director with Ware & Kay. ‘Providing this can sometimes feel like a bit of a chore. However, these checks are a legal requirement and, in most cases, they should be relatively straightforward.’ It is a good idea to…

Protecting Your Business: A Guide to Non-Compete Clauses and Restrictive Covenants

02 December 2024 Employment advice

An employee builds up valuable knowledge and contacts during the time that they work for you, but your commercial interests may be vulnerable if they leave and go on to work for a competitor. It is therefore prudent to take steps to protect confidential information, such as pricing strategies, bids, or cutting-edge research, and to guard relationships with clients or suppliers that could be exploited to another business’s advantage. At the start of employment, employers often include restrictions, known as restrictive covenants, on what an employee can do with information and contacts gained during their employment. However, even if a former employee could damage your business, there are limits on the restrictions that can be placed on them and how far you can prevent them from competing with you. What are non-compete clauses? Non-compete clauses are…

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