Inheritance Tax (IHT) is the tax paid on assets (after allowances are deducted) when someone dies. It’s a growing concern for many, and while increasing allowances on property left by parents and grandparents have eased the tax burden slightly, in a worst case scenario it may mean that your family only receives 60%, after all available allowances, of the wealth you hope to leave as their inheritance.
But with expert advice and careful, long-term planning, IHT is also a tax that can be significantly reduced and, in some cases, mitigated completely.
Our specialist tax planning team will work with you to understand how you want to pass on your estate, and will help you to put in place measures and structures that ensure the wealth you have worked hard to accumulate will not be swallowed up by IHT.
The specialist IHT planning areas we can advise you on include:
The successful farmer will plan towards the most efficient succession and distribution of wealth without losing money unnecessarily. By planning early, farming businesses can avoid many of the implications of Inheritance Tax (IHT), while still ensuring that cashflow, property and assets come into the ownership of successors and family members.
At Old Mill, our specialist rural business advisers work specifically with proactive farmers in all aspects of mitigating IHT, including qualification for Agricultural Property Relief.
We will work with you to understand how you want to pass on your estate, and will help you to put in place measures and structures that ensure the wealth you have worked hard to accumulate will not be swallowed up by IHT.
As a family business you tend to find yourself wearing a lot of hats, so it’s essential to have an advisor like Phil Mills who knows our industry and is a good sounding board. The move onto Xero was a massive transition for us as there’s a lot of paperwork generated because of the cheese sales and we needed to set up all the cost centres and systems. We can now pull the right information on a monthly basis to provide us with much better insights to be able to run the business.