It’s never too early to think about succession planning and how to pass on your rural business or farm in the most tax efficient way. It is also essential to keep your plans under review
Recent government proposals on Inheritance Tax (IHT) changes for farms and businesses have highlighted the importance of actively engaging with succession planning.
Farms, estate owners, and rural businesses across Scotland look to our skilled Rural – Land and Business team for support on this. They know we understand the dynamics of rural and family life and will offer high-quality, tailored advice.
Key points in your planning
Every family is different, so we’ll take the time to understand your situation and what you want to achieve. We won’t rush you into making decisions, provide options and guide you through the process.
Among the different aspects we can explore with you are:
- Agricultural and business property relief (APR and BPR), what qualifies for each, and how to make best use of them for your own business
- Options for using lifetime transfers, gifts, nil-rate bands, life assurance, trusts, and other strategies to pass on assets in a way that makes both commercial and tax sense
- Understanding what you actually own, and the titles and paperwork associated with that, especially if you or family members have diversified your activities
- Whether you need to update existing plans, not just because of tax changes but because of changes in land values or your business, family relationships, or ambitions.
Holistic planning is essential
When advising on succession planning, we always look for a joined-up approach. For example, we regularly work with:
- Our Private Client colleagues to set up Wills, Powers of Attorney, trusts or other arrangements that will help protect your assets and loved ones
- Our Family Law colleagues to put in place prenuptial, postnuptial or cohab agreements to protect your assets
- Your own accountants or financial advisers to optimise your tax and financial planning arrangements.
By doing this, we’ll help you plan for succession in a way that’s not just tax-efficient, but also family-friendly, business-friendly, and future-proofed.
Meet the team
We advise on the legal matters that come with land, rural property and rural enterprise. That includes buying and selling, agricultural tenancies and crofting, access rights and servitudes, renewables, minerals and telecoms, rural disputes, and the contracts that support rural businesses. We also have specialist experience in Scottish barony titles and heraldry, including the sale and purchase of feudal dignities.
