Beware FBT mistakes

3 March 2000

Beware FBT mistakes

FARM business tenancies do not end automatically when they have run their set term.

With Lady Day approaching fast, solicitor Graham Smith, of Lincs-based Roythorne & Co, warns that some tenants could end up making costly mistakes.

Unless notice to quit or notice of a rent review is served a year before the end of the term, FBTs of more then two years will run on for a further year at the prevailing rent, he explains.

Some tenants who paid high rents to secure land on FBTs a few years ago will now want to reduce that rent or even quit the holding at the end of the term, says Mr Smith. &#42

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