Know How / Tax Must reads IHT relief cut puts focus on correct valuations Advice on improving farm year-end planning and profit forecastin... Stamp duty and farmland: How it works and what to expect Advice on minimising IHT impact on pensions Practical adviceSee all BUSINESS CLINICBusiness Clinic: Can you advise on farm’s business structure?Whether it’s a legal, tax, finance or management question, Farmers Weekly’s expert panel can help. Here, Kate Bell, a partner in Albert Goodman's farms and estates team, advises on the… TAXIHT refunds and potential CGT savings on inherited assetsThe tax regime doesn’t get any simpler, but there are options for refunds and savings in limited circumstances that may not be widely known. This includes examples where assets in… TAXAdvice on new tax rules that affect farming familiesCuts to agricultural and business property reliefs from inheritance tax (IHT) took effect in April this year, and advisers are warning that HMRC is already asking more questions than previously,… TAXSDLT charges on asset transfers – what farmers need to knowThe degree of change to business structures that is being undertaken in order to line up succession and reduce potential inheritance tax (IHT) liabilities means that decisions are sometimes taken… TAXRollover relief pitfalls: What farm businesses need to knowBusiness asset rollover relief allows capital gains tax to be deferred when selling land, buildings or fixed plant and machinery by buying a new qualifying asset. It is available only… TAXWhy valuation preparation is key under new IHT relief regimeThe new limits on agricultural property relief or business property relief from inheritance tax mean there’s a lot more valuation work when a death happens than under the previous regime.… BUSINESSWhy gifts of farming company shares can lead to a CGT billGifts of shares in farming companies could lead to a capital gains tax (CGT) bill even though no money has changed hands, warn advisers. Some farming families have found out to… TAXHow personal items can be sold without attracting CGTMany farmers may not know that personal items, known as chattels, sold for less than £6,000 do not attract capital gains tax (CGT). In addition, the sale proceeds of certain… TAXWhy some farm buildings qualify for faster tax reliefTax relief for investment in farm structures is usually limited to the 3% annual rate offered by the Structures and Buildings Allowance (SBA). At this rate it takes more than… TAXWhy a check on trading activity could preserve IHT reliefLower farming incomes and profits, alongside the search for alternative incomes to make up for this, mean more businesses are moving closer to the point where they will be judged… DIVERSIFICATIONHow business rate changes will affect alternative enterprisesDefra estimates about 72% of farm businesses in England had some diversified activity in 2024-25. Farm shops, cafés and specialist dining experiences, storage units and renewable energy were – and… TAXAdvice on improving year-end planning and profit forecastingYear-end planning in farm businesses needs to improve so that investment decisions can be taken in a considered and timely manner, say advisers. Considerations include a careful assessment of any… InsightsSee all BUSINESSTax treatment of ecosystem services – HMRC guidance issuedHMRC has at last published guidance on the taxation of income and expenses for providing certain nature or ecosystem services. This covers statutory schemes such as biodiversity net gain (BNG)… TAXStamp duty land tax: why it is important in a tricky marketStamp duty land tax is an increasingly costly aspect of buying property and is much reduced when the property in question is deemed “mixed use” rather than wholly residential. Mixed… TAXWhy tax planning is still crucial despite IHT concessionsThere is little doubt that the increases to inheritance tax (IHT) thresholds announced by the government just before Christmas 2025 will take a huge number of farmers out of the… BUSINESS MANAGEMENTHow farmers can avoid mistakes in HMRC tax inspectionsWith HMRC under pressure to increase revenue in the face of rising government borrowing costs, many farmers are likely to get their first-ever tax inspection. Five thousand extra inspectors will… TAXLonger payment window for IHT needed, says Lords' reportThe deadline for paying inheritance tax should be extended to 12 months and the impact of the reforms monitored, a House of Lords report has recommended. The Economic Affairs Finance… TAXBudget analysis: IHT concession but added taxes elsewhereChancellor Rachel Reeves’s 26 November Budget made the £1m inheritance tax (IHT) allowance on qualifying assets transferable between spouses and civil partners. This brings the rules for this allowance in… TAXIHT net set to catch farm pension funds – what to considerAs well as cutting valuable agricultural reliefs from inheritance tax, the Budget held an extra shock by bringing personal pensions into the IHT net. Many farmers have contributed to personal… MARKETS AND TRENDSOutlook 2025: Lower inflation offers hope for UK economyThe world is changing. It is not as safe a place to be as last year or over the past decade. International markets are nervous. Protectionism is on the rise.… FARM POLICYAnalysis: Why the Treasury has it so wrong on impact of IHTFresh analysis from the NFU has set out exactly why the union believes Treasury claims that only about a quarter of farm businesses will ever be caught by its inheritance… BUSINESSHow CLA figures dismiss government position on family farm IHTLobbying against the proposed cut to agricultural property relief (APR) and business property relief (BPR) is intensifying. Analysis by the Country Land Association (CLA) demonstrates the severe challenge that the… BUSINESS MANAGEMENTAdvice on moving into contract farming agreementsContract farming agreements (CFAs) offer a way to maintain the income and capital tax advantages of being a working farmer, while reducing the demands of day-to-day management and working capital… BUSINESSBudget measures open some tax doors but close othersConfirmation in the 6 March Budget that agricultural property relief from inheritance tax will be available on land in all Environmental Land Management (ELM) schemes has been generally welcomed, but…
