Sarah Wray writes for Farmers Guardian on what landowners might expect from the Autumn Budget
The upcoming Budget has been described as 'painful' and the prevailing view is that it will focus on capital taxes. Sarah Wray, Senior Associate, sheds light on what landowners might expect from the Budget in a piece for Farmers Guardian.
The general consensus is that we are likely to see reform of APR and BPR. It is difficult to know what form this might take. From a policy perspective, APR on let farms might seem the easiest to attack, drawing a distinction between ‘landowners' and ‘farmers'. But sadly, an increase in the BPR trading threshold is also a likely candidate.
Individuals with agricultural or business property may seek to ‘bank' the reliefs while they still apply. For those who own relieved assets directly, or in a trust which treats them as the owner for inheritance tax (IHT), they may wish to consider passing the assets on whilst the relief still applies.
Individuals may also consider making outright gifts to the next generation or moving the assets into a trust subject to the relevant property regime (subject to decennial charges).
Read the full piece in Farmers Guardian here.
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Budgeting for change: what should Landed Estates be doing before the Budget?
