Capital Taxes for Farming Clients - An Introductory Guide for Private Client Lawyers

Introduction

Aimed at private client lawyers with little to no experience in advising farming clients but who may come across them from time to time, this virtual classroom seminar will explore the issues relating to Inheritance Tax (‘IHT’) and Capital Gains Tax (‘CGT’) specifically affecting farming clients.

The session will look at the application of Agricultural Property Relief (‘APR’) and Business Property Relief (‘BPR’) against IHT in the context of the most common farming business structures, including how these affect lifetime planning and the reporting and claiming of reliefs post-death and as part of lifetime gifting.

The session will also look at the effect of diversification of farming businesses on IHT planning.

Finally, the session will look at the application of various CGT reliefs in the agricultural context, and the circumstances in which a CGT liability might (sometimes unexpectedly) arise and how these can be planned for.

What You Will Learn

This live and interactive course will cover the following:

• APR:
• Rates and application
• Ownership/occupation requirements
• Tenancy issues
• Agricultural value
• Top tips for claiming the relief
• Advance planning
• BPR:
• Rates and application
• The Balfour principle and its application to farm businesses
• Top tips for claiming the relief
• Advance planning
• Tricky issues with farmhouses and cottages
• The effect of diversification and development potential on IHT planning and reliefs
• CGT - planning for disposals:
• Holdover relief
• Rollover relief
• Business Asset Disposal Relief
• Extra Statutory Concessions

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.