Time for tax planning with your team

By Sarah Tyson, Head of Valuations

With the hugely disappointing news that the UK government will not review or reconsider the proposals to alter Inheritance tax (IHT) reliefs and limit full relief to £1m from April 2026, the need for financial review of estate and arm assets is brought into sharper focus.

All farmers and landowners, whether owner occupier, landlord or tenant, should ensure they have a good handle on their current ownership structures and asset values and, if a workable plan is not already in place, should engage with their professional advisers sooner rather than later. The team of land agent/valuer, accountant and lawyer can work with you to try and make sure the transfers to the next generation are based on agreed plans – not just create a huge tax burden

Sarah Tyson, Partner and Head of Valuations at Bell Ingram in Perth, said: “Often the first step is getting values updated – not just of land, buildings, houses and cottages, but also livestock and machinery, income streams from rentals (wind or hydroelectric turbines for example) and property held in pensions such as SIPPs, since all these will now be caught in the IHT calculations. This total then provides a sound base to actively consider how you would like the transfers to work , and, just as importantly , enable likely tax implications to be assessed.

“Factoring in the family dynamics is a key part of this exercise for all concerned , but the difficult conversations are always better started today than left to tomorrow and engaging trusted professionals can provide independent voices at the farmhouse table.”

Contact Sarah Tyson on 01738 621 121 or email sarah.tyson@bellingram.co.uk to discuss how we can help with your tax planning.