Time to get your ducks in a row for tax changes

By Sarah Tyson, Head of Valuations.

In these dark days of winter, many are wondering what to do to manage the proposed changes to inheritance tax reliefs following the October 2024 budget. The key message is to start taking stock of what you have and work with those who can help you – likely to be your team of land agent, lawyer and accountant who can confirm all the details which will be needed.

Even if the ongoing protests and opposition to the proposals achieve some changes, to carry out a business review and get up to date information is good business practice – much better than either knee jerk reactions or inertia.

Key elements to review including checking:

• List and ownership of assets; land, houses, equipment and livestock.

• Details of any partnership agreements.

• Wills – for all involved, since deaths do not always occur in age order.

• Any tenancy agreements – whether you are landlord or tenant and whether whole farm, one element or a telecom mast.

• Diversification projects – just who is involved and on what basis? Including renewable energy.

• Current values of all the above so that possible tax liabilities can be assessed.

Pulling together all these details, working with your advisors and asking questions if unclear, will give you a sound basis to make informed decisions.

There is no ‘one size fits all’, but careful consideration of all the facts for your situation will enable a plan to be made.

If you would assistance with a business review, contact our Head of Valuation, Sarah Tyson on 01738 621 121 or email sarah.tyson@bellingram.co.uk.