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Reap what you sow: agricultural diversification

Agricultural diversification can make a farm work harder, but ?advisers need to ensure they do not get tangled up in thorny tax ?issues, says Anne Elliott

13 November 2012

Farms and farmers come in all sorts of shapes and sizes, as do the problems they bring. This makes agriculture a particularly fascinating area of practice, which is proving to be increasingly challenging.

Notwithstanding (and perhaps because of) the extremely generous agricultural and business property reliefs (APR and BPR) of 100 per cent and 50 per cent of open market value, no longer can any farmer who has undertaken any degree of diversification assume that his/her land and business assets are going to pass on (whether by way of lifetime gift or on death) without any liability in terms of capital taxation.

This article will focus on inheritance tax (IHT) and the farmer/landowner who has or intends to diversify to maximise the commercial opportunities which present themselves and hopefully, therefore, the income and/or capital return on the land.

Risk aware

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