Inheritance Tax Advice

We are acutely aware that after 33 years of a largely benign IHT tax regime for farmers and landowners, almost all is about to change, and it is likely to have a profound impact on the ability of businesses to pass on the farm to the next generation. Existing succession plans and wills are almost certainly going to need an overhaul. For some wanting to transfer farming and business assets, time isn’t on their side. 

Solicitors, accountants and consultants are hosting seminars and workshops as there is a lot of confusion out there. For the first time in a long time, not only your land but your machinery, livestock and other business assets like cottages and farm scale renewables all will likely fall into the scope of IHT. 

At this stage, we consider the most pragmatic starting point is to carry out an “IHT Health Check”. This is why Masons Rural professionals are offering a cost-effective fixed fee preliminary valuation and sign posting exercise to our clients. As experienced valuers and rural advisors we are able to provide the current market valuation figures for your farming property assets, dwellings, machinery, livestock and other business assets which can then be entered into a calculator tool to estimate your current IHT tax liability.

We can assist you to gather the information you need and support you when sitting down with family members and other advisors to plot a pragmatic course for your succession plans mitigating the effect of the proposals due to come into force in April 2026.

This is a critical point for the farming industry, but also an opportunity to review business and succession planning, and our team is well placed to assist you to get a plan in place, in conjunction with your other professional advisors so that your business can thrive in the future.

We are already completing these exercises for our clients and expect demand to increase for our valuation services and expertise in this area. We aim to provide an initial review of our clients’ current inheritance tax situation, identify potential areas for improvement, and offer actionable advice to optimise your tax planning. 

Please don’t hesitate to contact the team for a no obligation 60-minute fact finding consultation to start the conversation about succession and Inheritance Tax. 

Call Emma, Abi, Tim, Russell or Simon in the first instance on 01507 350500 Option 3 or email us at [email protected]