Farms and estates can take some positive signals from the first part of the long-awaited inheritance tax (IHT) review, according to specialist agricultural accountants.
Farmers with diversified enterprises may be able to save thousands of pounds by shielding more of their business from inheritance tax after a ruling against HMRC over a case involving a livery stable.
The prosperous commuter belt town of Guildford in Surrey has been named as the inheritance tax capital of the UK.
system on the ground it could lead to major upheaval for farm businesses.
Farmers and landowners should review their succession plans, say advisers, as the government in turn reviews how inheritance tax (IHT) works.
The future of a Worcestershire farm has been secured after its legal advisers helped it save £300,000 by successfully negotiating Agricultural Property Relief (APR).
With an estimated two million Britons owning more than one property, the issue of parents giving homes to offspring is a common one.
In some cases it's to help younger children move out of the family home in early adulthood.
A £1bn Conservative inheritance tax cut will exacerbate the north-south divide, an MP has warned, as figures lay bare the winners and losers of a flagship government policy.
People inheriting homes in constituencies in London and south-east England will gain the lion’s share of the benefits from the tax cut, according to research commissioned by the Labour MP Rachel Reeves.
Landowners letting agricultural land to diversified businesses can still qualify for agricultural property relief (APR) from inheritance tax, according to the Central Association of Agricultural Valuers (CAAV).
One in four properties sold in England and Wales in 2015 were above the inheritance tax limit and the number sold for more than £325,000 have doubled since 2009, new research shows.
Proportions were even higher in some locations, for example, 94% of properties sold in East Central London were over the inheritance tax nil-rate band, says the research from Saga Investment Services.
The research also found that just one in 10 individuals can correctly identify the IHT threshold for a single person, and a mere 4% for married couples and civil partners. Just 10% correctly said £325,000, some 21% thought it was higher and 19% said it was lower, while 50% didn’t know.
Changes to inheritance tax (IHT) rules could make it easier for farmers to pass on their assets tax-free, according to the Central Association of Agricultural Valuers (Caav).
A new tax-free allowance called the residence nil rate band (RNRB) is due to be phased in from April 2017, starting with a threshold of £100,000 for each individual and building to £175,000 by April 2020.
This adds to the existing nil rate band (NRB) of £325,000, which is an IHT-free allowance available on the estate of each individual. The difference with the new band is that it is tied to residential property.
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