Avoiding Family Disputes in Farming
The impending cap on inheritance tax has sparked controversy within the farming community, with many fearing its financial impact could threaten family businesses.
Announced in the autumn Budget 2024, changes to agricultural property relief and business property relief will significantly affect how farms are passed down to the next generation, effective April 6, 2026.
Inheritance Tax (IHT) is a tax on the value of a person's estate upon death, including property, possessions, money, and other assets.
IHT is the tax charged on the value of a person’s estate when they die.
This change is crucial for farmers to discuss inheritance and tax now to ensure the survival of their family businesses.
Author's summary: Farmers must discuss inheritance and tax to avoid disputes.
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