Tax changes on your mind?
For many people who attend The Game Fair, land, property and family businesses are about far more than financial value. They represent years of hard work, stewardship and a desire to pass something meaningful on to the next generation.
That is why recent changes to personal taxes have caused concern among families and rural landowners. In particular, changes to agricultural property relief and inheritance tax have prompted many people to review their succession and estate plans.
The reality is that many estates are more complex than they once were. Rising land and property values and changing family circumstances can also create unexpected inheritance tax exposures.
For families who have not reviewed their arrangements recently, now may be an appropriate time to take stock. A review can help establish whether existing wills, ownership structures and succession plans continue to achieve the intended outcome under current rules.
At JM Finn, we work with families to consider inheritance tax planning in the round. This includes assessing how reliefs may apply, reviewing estate and succession arrangements, considering investment assets alongside property and working closely with solicitors, accountants and land agents where appropriate.
For further information on agricultural relief changes click here or here for our latest take on inheritance tax click here. If you’d like to get in touch, contact us at [email protected]
