We have a number of clients who are concerned about the proposed Inheritance Tax changes to Agricultural Property and Business Property relief and wish to understand their possible tax liability and ways to reduce it.
The proposed changes mean that all assets of the individual will need to be considered including livestock, plant and machinery, tenancies and limited companies. Most of these types of assets have previously benefited from Business Property Relief and gained 100% relief, but the changes reduce this. It is therefore important to have a valuation that includes these assets at the correct market values.
There are still good tax planning strategies available and we recommend these are considered well ahead of the start of the new regulations in April 2026. There is also a risk that future budgets remove some of the tax planning options. If legal changes to structures or ownership are proposed to reduce the tax liability then do bear in mind that these take time and the wider effect of any changes needs to be carefully considered.
We are offering a concise and quick review of property and other assets to provide an initial cost-effective summary of values. Whilst we are not tax advisers and so do not offer tax advice, we will also suggest practical options that you may wish to consider ahead of discussions with your tax adviser.
Our asset review and valuation will involve:
- Initial information gathering
- Farm meeting and brief inspection
- Spreadsheet valuation
- Summary of options to consider
If you would like us to provide an estimate for this service, please do not hesitate to get in touch.
[The above report can be used for family discussion and tax planning purposes but is not a RICS Red Book valuation and as such cannot be used for tax assessments and calculations.]