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

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…

How will the farm be dealt with after your death?

Handing over the farm you worked so hard on for so long to a new generation may seem like a heart-wrenching decision – which may explain why a University of Exeter study reveals that only 20% of farmers in the UK plan to fully retire. However, even if you intend to keep working until you die, it’s important to put measures in place to ensure your farming business can continue to thrive and your loved ones don’t face a crippling tax bill after your death, as Emma Elwess, Director & Head of Wills & Probate at Ware & Kay incorporating Pearsons & Ward Solicitors in Malton, explains. What happens to your farm after you pass away largely depends on how it’s held. If the freehold is in your sole name or jointly held as tenants…

Local families urged to plan ahead to reduce their inheritance tax bill

Emma Elwess, Director, Wills & Probate at Ware & Kay incorporating Pearsons & Ward Solicitors in Malton is encouraging people to plan ahead to help reduce their inheritance tax bill. Latest figures from HMRC show that inheritance tax (IHT) receipts were £7.5 billion in the 2023/2024 tax year, up from £7.09 billion in the previous year. By taking advantage of available tax reliefs and planning carefully, individuals and families can make sure their loved ones pay the smallest tax bill possible and get the most out of what they inherit. The Association of Lifetime Lawyers represents a community of the most qualified legal professionals in the UK supporting vulnerable and older people with expert advice and support.   Emma, a member of The Association of Lifetime Lawyers says there are precautionary steps to take if you…

Inheritance Assets and Considering a Deed of Variation

Have you recently inherited assets from a family member or a friend who has recently passed away?  We appreciate that there are circumstances where you might not necessarily wish to receive your inheritance and may wish to redirect it elsewhere.  Some of the common reasons why are as follows: Honouring Updated Wishes: You know/suspect that the deceased’s wishes had changed since they made their Will some years prior and you wish to honour what you believe to be their final wishes. A Deed of Variation is an ideal way to do this. Supporting Others: You would like to help other family members/friends/charitable organisations by passing on wealth to them.  Inheritance Tax Concerns You expect that Inheritance Tax will be payable on your death due to the size of your…

Local families urged to plan ahead to reduce their inheritance tax bill  

Sian Foster, Director, Wills & Probate at Ware & Kay incorporating Pearsons & Ward Solicitors in York is encouraging people to plan ahead to help reduce their inheritance tax bill.  Latest figures from HMRC show that inheritance tax (IHT) receipts were £7.5 billion in the 2023/2024 tax year, up from £7.09 billion in the previous year. By taking advantage of available tax reliefs and planning carefully, individuals and families can make sure their loved ones pay the smallest tax bill possible and get the most out of what they inherit. The Association of Lifetime Lawyers represents a community of the most qualified legal professionals in the UK supporting vulnerable and older people with expert advice and support.   Sian, a member of The Association of Lifetime Lawyers says there are precautionary steps to take if you…

What does it mean to leave a Legacy in a Will?

Many of us like to include legacies (gifts) in our Wills whether to family, friends, executors and /or to charities. Legacies can be general (usually an amount of money) or specific (particular assets you own such as jewellery)  Including a legacy in a Will may seem straightforward but there are issues which should be considered. What is the priority? Legacies take priority and are paid before the remainder of an estate is distributed.   You may include a gift of £100,000 to your grandson on the basis that you were worth £500,000 when you made your Will and specify that your daughter should receive the remainder of your estate.   However, if your net worth was £150,000 by the time of your death, would you still wish for your grandson to receive £100,000 if your daughter…

Inheritance Assets and Considering a Deed of Variation

Have you recently inherited assets from a family member or a friend who has recently passed away?  We appreciate that there are circumstances where you might not necessarily wish to receive your inheritance and may wish to re-direct it elsewhere.  Some of the common reasons why are as follows:  Honouring Updated Wishes: You know/suspect that the deceased’s wishes had changed since they made their Will some years prior and you wish to honour what you believe to be their final wishes. 2.Supporting Others: You would like to help out other family members/friends/charitable organisations by passing on wealth to them.  Inheritance Tax Concerns You expect that Inheritance Tax will be payable on your death due to the size of your estate before receiving the legacy.  You therefore do not wish to increase your…

Families urged to plan ahead to reduce their inheritance tax bill

Sian Foster, Director, Wills & Probate at Ware & Kay incorporating Pearsons & Ward Solicitors in York is encouraging people to plan ahead to help reduce their inheritance tax (IHT) bill.  Latest figures from HMRC show that inheritance tax receipts have risen by 7.2% since last year. By taking advantage of available tax reliefs and planning carefully, families can make sure their loved ones pay the smallest tax bill possible and get the most out of what they inherit. The Association of Lifetime Lawyers represents a community of the most qualified legal professionals in the UK supporting vulnerable and older people with expert advice and support.   Sian, a member of The Association of Lifetime Lawyers says there are precautionary steps to take if you plan for family members to inherit part, or all of your…

Who will run the farm if you lose mental capacity?

 More and more farmers are making Wills to ensure their farming business can be passed on to the next generation following their death with as little disruption as possible. However, given research shows that agriculture is the UK’s most dangerous industry to work in, that the average age of UK farmers is nearing 60, and that farmers have higher levels of mental health issues than non-farmers, shrewd farmers should also draw up contingency plans in case they lose mental capacity, as Laura Carter, Solicitor and agricultural specialist at Ware & Kay & Pearsons & Ward Solicitors in Malton explains. You may lose mental capacity and become unable to make decisions for yourself due to an accident involving one of the many hazards that farmers come into daily contact with, through stress, or because of a…

We’re proud to support Update Your Will Week 2024

 Update Your Will Week from the 4th – 10th March is an annual campaign hosted by The Association of Lifetime Lawyers.   It aims to raise awareness around the risks of not having an up to date Will and encourages people to update their Will to ensure their wishes are carried out when they die.   Why is it important to have an up to date Will?   Having an up to date, well-drafted will is crucial to ensure your wishes are carried out in the way you’d like when you die. Knowing you’ve chosen what you want to happen can also help ease distress for loved ones left behind and minimise potential disputes.   If you die without a Will, any assets that belonged to you must be distributed according to the strict rules…