PROMOTIONPassing a family farmonto the next generationany farmers want to pass their Review your Inheritance Tax position.farm onto the next generationmet. By keeping receipts for repairs anda log of the day to-day farming activitieswith farm accounts, these could be presented to HMRC in the event of a claim forThere are some very generous relefsavailable for farmers provided certainconditions are met. Farmers shouldkeep these conditions under review.Inheritance tax can be mitigated withgood financial planningas tax efficiently as possible.It istherefore essential thatfarming families plan carefully for thefuture of the farm, with tax liabilities inmind and think about their long-termthe reliefRobust succession planning for farmingfamilies is greatly affected by diferentspecialist areas of law and we cannotstress enough how planning in advancecan save not only money to pass to thenext generation, but will serve to settle anyfamily disagreements too.aims carefullyGet regular advice on APR. Itis oftenmisunderstoodthat the main farmhouseFOUR SUCCESSIONPLANNING ESSENTIALS:will automatically qualify for AgriculturalProperty Relief (APR) if the land is beingEarmed. Ifthe farmer is no longer able tofarm through ill health or retirement, orlets out his land to tenants, this could havean impact on the inheritance tax payableSimilarly, if the land has developmentpotential, APR may not apply in full.Ensure everyone involved in the farmingbusiness has a Will. Consider hone thesetie in with the structure of the business,sach as a partnership or shareholderagreement. If a farmer dies a widowerwithout a Will and the estate passes tochildren, this could lead to disputeswithin the family and could endangerthe viability of the farm if some want tocontinue farming and need to raise moneyto buy out non-farming membersReview grazing licence arrangementsRetaining responsibility for the maintenance and repair of the land is essentialto prove the conditions for occupation areFor further information, contact Holen Gown.in SAS Danies Prvate Clent team on 01260262351 or email helen.gowin@sasdaniels.co.ukLife is never simple.We can help you tokeep things together.As a leading Cheshire wide law firm, our Agricultural Law team canassist farmers and their families, landowners and investors with a range ofspecialist services. Trust our team to help you plan for your future.For a refreshingly clear perspective, contact SAS Daniels today.Sas daniels LLPsasdaniels.co.uk I01260 282 300SolicitorsSAS Danels LLPisa Limited Liblty Partnersig regsered Engant and Wles with regsered nunber 0C333138 Ast f mmbers is alae at or registed office. 30 Greek Street SckportCheshire, S3 BAD. SAS Oanies LLP s uthorised and regulated by the Solicitrs Regulation Authority PROMOTION Passing a family farm onto the next generation any farmers want to pass their Review your Inheritance Tax position. farm onto the next generation met. By keeping receipts for repairs and a log of the day to-day farming activities with farm accounts, these could be pre sented to HMRC in the event of a claim for There are some very generous relefs available for farmers provided certain conditions are met. Farmers should keep these conditions under review. Inheritance tax can be mitigated with good financial planning as tax efficiently as possible. It istherefore essential that farming families plan carefully for the future of the farm, with tax liabilities in mind and think about their long-term the relief Robust succession planning for farming families is greatly affected by diferent specialist areas of law and we cannot stress enough how planning in advance can save not only money to pass to the next generation, but will serve to settle any family disagreements too. aims carefully Get regular advice on APR. Itis often misunderstoodthat the main farmhouse FOUR SUCCESSION PLANNING ESSENTIALS: will automatically qualify for Agricultural Property Relief (APR) if the land is being Earmed. Ifthe farmer is no longer able to farm through ill health or retirement, or lets out his land to tenants, this could have an impact on the inheritance tax payable Similarly, if the land has development potential, APR may not apply in full. Ensure everyone involved in the farming business has a Will. Consider hone these tie in with the structure of the business, sach as a partnership or shareholder agreement. If a farmer dies a widower without a Will and the estate passes to children, this could lead to disputes within the family and could endanger the viability of the farm if some want to continue farming and need to raise money to buy out non-farming members Review grazing licence arrangements Retaining responsibility for the mainte nance and repair of the land is essential to prove the conditions for occupation are For further information, contact Holen Gown. in SAS Danies Prvate Clent team on 01260 262351 or email helen.gowin@sasdaniels.co.uk Life is never simple. We can help you to keep things together. As a leading Cheshire wide law firm, our Agricultural Law team can assist farmers and their families, landowners and investors with a range of specialist services. Trust our team to help you plan for your future. For a refreshingly clear perspective, contact SAS Daniels today. Sas daniels LLP sasdaniels.co.uk I01260 282 300 Solicitors SAS Danels LLPisa Limited Liblty Partnersig regsered Engant and Wles with regsered nunber 0C333138 Ast f mmbers is alae at or registed office. 30 Greek Street Sckport Cheshire, S3 BAD. SAS Oanies LLP s uthorised and regulated by the Solicitrs Regulation Authority

Date: 17 November 2019

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PROMOTION Passing a family farm onto the next generation any farmers want to pass their Review your Inheritance Tax position. farm onto the next generation met. By keeping receipts for repairs and a log of the day to-day farming activities with farm accounts, these could be pre sented to HMRC in the event of a claim for There are some very generous relefs available for farmers provided certain conditions are met. Farmers should keep these conditions under review. Inheritance tax can be mitigated with good financial planning as tax efficiently as possible. It istherefore essential that farming families plan carefully for the future of the farm, with tax liabilities in mind and think about their long-term the relief Robust succession planning for farming families is greatly affected by diferent specialist areas of law and we cannot stress enough how planning in advance can save not only money to pass to the next generation, but will serve to settle any family disagreements too. aims carefully Get regular advice on APR. Itis often misunderstoodthat the main farmhouse FOUR SUCCESSION PLANNING ESSENTIALS: will automatically qualify for Agricultural Property Relief (APR) if the land is being Earmed. Ifthe farmer is no longer able to farm through ill health or retirement, or lets out his land to tenants, this could have an impact on the inheritance tax payable Similarly, if the land has development potential, APR may not apply in full. Ensure everyone involved in the farming business has a Will. Consider hone these tie in with the structure of the business, sach as a partnership or shareholder agreement. If a farmer dies a widower without a Will and the estate passes to children, this could lead to disputes within the family and could endanger the viability of the farm if some want to continue farming and need to raise money to buy out non-farming members Review grazing licence arrangements Retaining responsibility for the mainte nance and repair of the land is essential to prove the conditions for occupation are For further information, contact Holen Gown. in SAS Danies Prvate Clent team on 01260 262351 or email helen.gowin@sasdaniels.co.uk Life is never simple. We can help you to keep things together. As a leading Cheshire wide law firm, our Agricultural Law team can assist farmers and their families, landowners and investors with a range of specialist services. Trust our team to help you plan for your future. For a refreshingly clear perspective, contact SAS Daniels today. Sas daniels LLP sasdaniels.co.uk I01260 282 300 Solicitors SAS Danels LLPisa Limited Liblty Partnersig regsered Engant and Wles with regsered nunber 0C333138 Ast f mmbers is alae at or registed office. 30 Greek Street Sckport Cheshire, S3 BAD. SAS Oanies LLP s uthorised and regulated by the Solicitrs Regulation Authority PROMOTION Passing a family farm onto the next generation any farmers want to pass their Review your Inheritance Tax position. farm onto the next generation met. By keeping receipts for repairs and a log of the day to-day farming activities with farm accounts, these could be pre sented to HMRC in the event of a claim for There are some very generous relefs available for farmers provided certain conditions are met. Farmers should keep these conditions under review. Inheritance tax can be mitigated with good financial planning as tax efficiently as possible. It istherefore essential that farming families plan carefully for the future of the farm, with tax liabilities in mind and think about their long-term the relief Robust succession planning for farming families is greatly affected by diferent specialist areas of law and we cannot stress enough how planning in advance can save not only money to pass to the next generation, but will serve to settle any family disagreements too. aims carefully Get regular advice on APR. Itis often misunderstoodthat the main farmhouse FOUR SUCCESSION PLANNING ESSENTIALS: will automatically qualify for Agricultural Property Relief (APR) if the land is being Earmed. Ifthe farmer is no longer able to farm through ill health or retirement, or lets out his land to tenants, this could have an impact on the inheritance tax payable Similarly, if the land has development potential, APR may not apply in full. Ensure everyone involved in the farming business has a Will. Consider hone these tie in with the structure of the business, sach as a partnership or shareholder agreement. If a farmer dies a widower without a Will and the estate passes to children, this could lead to disputes within the family and could endanger the viability of the farm if some want to continue farming and need to raise money to buy out non-farming members Review grazing licence arrangements Retaining responsibility for the mainte nance and repair of the land is essential to prove the conditions for occupation are For further information, contact Holen Gown. in SAS Danies Prvate Clent team on 01260 262351 or email helen.gowin@sasdaniels.co.uk Life is never simple. We can help you to keep things together. As a leading Cheshire wide law firm, our Agricultural Law team can assist farmers and their families, landowners and investors with a range of specialist services. Trust our team to help you plan for your future. For a refreshingly clear perspective, contact SAS Daniels today. Sas daniels LLP sasdaniels.co.uk I01260 282 300 Solicitors SAS Danels LLPisa Limited Liblty Partnersig regsered Engant and Wles with regsered nunber 0C333138 Ast f mmbers is alae at or registed office. 30 Greek Street Sckport Cheshire, S3 BAD. SAS Oanies LLP s uthorised and regulated by the Solicitrs Regulation Authority

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