Talking buying or selling land

Agri-environmental schemes are government-backed initiatives which pay farmers to make their agricultural activities more sustainable. They aim to increase biodiversity, restore the landscape, promote wildlife and to improve the quality of water, air and soil. Given the hardships many farmers have suffered due to Brexit, the pandemic and more recently the cost-of-living crisis, it is understandable why so many have embraced the concept of receiving subsidies to ‘go green’. But what schemes are available and what are the implications if you sell agricultural land which is subject to one of these schemes? Our agricultural law specialist at Ware & Kay Solicitors in York & Wetherby, reports. Shortly after the Agriculture Act was passed in November 2020, the government published The Path to Sustainable Farming: An Agricultural Transition Plan 2021 to 2024, which outlined its intention to…

Valuing a private company or family business in a divorce settlement

Running your own business can be the fulfilment of a lifelong dream, but it also brings stresses and strains which sometimes contribute to relationship breakdown. It certainly adds complexity when trying to agree a financial settlement after divorce. ‘The key challenge is to achieve a fair settlement without jeopardising the long-term financial health of the business upon which both people may still need to rely,’ says our family law team Solicitor in the family team with Ware & Kay. ‘Determining a valuation for any business takes skill and tends to be a more complex exercise than valuing other matrimonial assets such as the house or a pension.’ Obtaining a business valuation Like all other matrimonial assets, it will be necessary to obtain a valuation of the family business or private company.  In order to achieve a…

Changes ahead in capital gains tax rules for divorcing couples

At present, no capital gains tax (CGT) is charged on a transfer of assets between a married couple or civil partners who live together. If, however you are separated or divorced from your spouse or civil partner, then this tax relief does not necessarily apply. The Office of Tax Simplification reviewed the rules relating to separating couples in July 2022 and proposed a number of recommendations which the Government have agreed to implement from April 2023. Our family law team Solicitor with Ware & Kay in York, Wetherby & Malton explains, ‘The new rules mean that separating couples will be afforded more time to transfer assets between themselves without the risk of being charged CGT. This is a welcome change and will take one financial pressure off, allowing more money to be available to meet the…

Transferring property to your children

Almost one in two first-time buyers receive some financial assistance from their parents, but cash gifts or mortgage support are not the only ways to help the next generation. If you are asset rich and own land, vacant buildings or a second home, transferring property to a child is another option.  People sometimes have a separate outbuilding, such as a gite or annex, which they would like to gift. Alternatively, the subdivision of a farm or large garden could provide the site for a child to build their own home.  However, it is important to consider your own needs, and how these may change over time. Transferring property to a child can also raise different issues to a traditional conventional transaction, so it is important to get the right professional advice especially on the tax issues…