We’ve seen a lot of inaccurate, misleading and wrong information in farming groups on social media since the Budget announcement in October 2024.

Everyone’s situation is different, so some families and their businesses will be impacted much more than others.

Some of the information that needs to be gathered and considered is:

✅ who owns the land and property used in the business? Is it one person, is it two or more people, maybe it’s owned by a partnership or limited company, maybe different properties have different ownership…. Gather as much info as you can.

✅ what is the value of the land & property above? An estimated value is fine for now.

✅ who owns the business? This will likely be the people who get a profit share and is often different to the people who own the land and/or property.

✅ what is the approximate value of other property and assets owned by each person? Think about savings, investments, pensions, your home, rental property, other business assets, your vintage tractor collection etc etc

✅ how much borrowings are there? Whose name are they in? Are they secured against any property?

✅ is there life insurance in place? How much for? How long is it in place for? Who will it pay out to?

✅ is there a partnership agreement or shareholders agreement in place? Do you have a copy? Is it up to date?

✅ does everyone have an up to date will? Do you have copies?

✅ are there powers of attorney in place? Remember a power of attorney needs to be organised before you need it, just the same as a will!

We work with inheritance tax specialists, and will be meeting with our clients, their legal advisors and their financial advisors over the coming months to assess their exposure to inheritance tax and help protect clients, their families and their businesses.