Land, Legacy, and Law: what the new inheritance laws could mean for farming families

Land, Legacy, and Law: what the new inheritance laws could mean for farming families

 

As a new series of Clarkson’s Farm is released, so to is the latest episode of our Private Wealth Matters Podcast. We delve into all things farming / farming families and farming estates.

 

In this episode Emma Weir speaks with Family Team partner Rachel Osgood and Private Client Team Senior Associate Jade Paine on this very topical subject.

 

There are over 200,000 Farm holdings in the UK and nearly half a million people employed within the agricultural sector. Much has been publicised regarding the changes to the agricultural property reliefs announced in the budget in October 2024 and the potential for significantly more inheritance tax to be paid by farmers and their families.

 

During this episode, we not only delve deeper into both the current provisions and proposed changes to this inheritance tax relief, but also into the family law side of farms and farming families with a discussion on the significant potential for conflicts between estate planning to maximise IHT savings and protecting assets in relationships and on divorce.  

 

Farms are often generational businesses and we discuss the importance of both estate planning and family law planning to ensure the farm can pass through the generations as much as possible.