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