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Futureproofing farming: Finance expert shares inheritance tax insight and planning tips

The article from Food Manufacture discusses the implications of inheritance tax (IHT) for UK farmers and provides strategies to mitigate its impact. It explains that while agricultural property relief (APR) can exempt certain farmland from IHT, not all farm assets qualify, particularly those not directly involved in agriculture. The article highlights the importance of estate planning, suggesting that farmers should consider diversifying their business to include non-agricultural activities, which could potentially reduce their tax liability. It also mentions the use of trusts, lifetime gifts, and business property relief (BPR) as methods to manage and reduce IHT. Additionally, the piece advises on the need for farmers to keep detailed records and possibly seek professional advice to navigate the complexities of IHT, ensuring that their estate is structured in a tax-efficient manner.

Read the Full Food Manufacture Article at:
[ https://www.foodmanufacture.co.uk/Article/2024/12/06/inheritance-tax-what-it-means-and-tips-for-uk-farmers/ ]