Farms, inheritance tax and succession planning

Tax expert Julie Butler FCA explains the options for farmers as the abolition of full agricultural property relief for inheritance tax purposes looms from identifying easy to sell assets to care plans and preparing for the unexpected

With succession planning very much on the minds of the whole farming community following the drop of APR (agricultural property relief) and BPR (business property relief) to 50% from April 2026, future farm cashflow is of prime importance.

The impact of the funding of care costs in old age is also a practical consideration that must be taken into account as part of this.

Farming families may have undertaken some estate planning to consider what happens when a family member dies, but the financial impact of long-term care in old age can be gigantic.

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