Agricultural Property Relief: Opportunities and Problems

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Contents

There are opportunities for estate planning for farming clients (if they can be persuaded to pay for it). This video will cover the following:-

• When is APR available?
• Partnerships and companies:
  • What happens on death? Are provisions clear?
  • Who owns the assets? Lessons from Ham v Bell
• Getting APR on a farmhouse
  • Is it a farmhouse?
  • The problems for elderly farmers: are share farming and contract farming arrangements the answer?
  • Is it character appropriate?
• Redundant farm buildings:
  • Are they occupied for the purposes of agriculture?
  • What to do with them?
• Availability of the residence nil rate band on farmhouses
• Planning opportunities including life time transfers
• Unjustifiable claims for relief: risk of penalties

Learning objectives

After this video you will be able to:

• Identify estates where APR will be available
• Identify potential problems obtaining the relief
• Advise on possible planning to maximise the relief
• Advise on the availability of the residence nil rate band on farmhouses

Speaker

PROFESSOR LESLEY KING

Professor Lesley King of the University of Law is co-author of Wills, Taxation and Administration: A Practical Guide; A Modern Approach to Wills, Administration and Estate Planning (with Precedents);  A Practitioner’s Guide to Wills; Wills: A Practical Guide and editor of The Probate Practitioner’s Handbook. She is the wills and probate columnist for the Law Society Gazette, and writes and lectures extensively on wills, taxation and related matters.