Avoiding Family Disputes in Farming
The impending cap on inheritance tax has sparked much controversy within the farming community, as many fear its financial impact could threaten the survival of family businesses.
The changes to agricultural property relief and business property relief, announced in the autumn Budget 2024, will significantly affect how farms and agricultural businesses are passed down to the next generation when they come into effect on April 6, 2026.
Inheritance tax (IHT) is a tax charged on the value of a person's estate upon their death, including all property, possessions, money, and other assets owned by the deceased.
Author's summary: Farmers must discuss inheritance and tax to avoid family disputes.