Farming Group Newsletter: Issue 27

Planning Ahead in a Changing World

As we write this edition of our Farming Newsletter we are still knee deep in Inheritance Tax (IHT) planning with our clients. There are many points to consider, and we dive straight into some IHT planning thoughts from one of our Corporate Tax Directors, Jeannette Hume. This is followed up specifically in regards to Farmhouses by Richard Alecock. Richard considers what reliefs may or may not be available upon death. IHT planning would not be possible without support from solicitors and our Farming Group at Whitings LLP was recently fortunate enough to meet with some wonderful colleagues from Ashtons Legal LLP, Jeanette Dennis and Fenella Eddell. They spoke, among other things, about the importance of farming partnership agreements which I cover later in our newsletter.

Aside from IHT matters, water scarcity and abundance all at the wrong time is another big issue for farmers. We live in one of the driest areas of the country, and as climate change only intensifies the floods and droughts, it’s clearly a growing concern for the future. Lorna Conway looks at how water can be harnessed and stored for future use, but also to help future proof your business.

Finally, Ben Kilby looks at the novel idea of nut production. That might sound a little bit strange based here in the UK, but the sector is growing and perhaps offers answers for some, to multiple issues. The established trees help hold the soil in place reducing erosion, help to slow the flow of water and naturally capture and store this in the ground. Moreover, of course, they produce a habitat for declining insects, birds and pollinators. As parts of the country move towards a more Mediterranean climate, will we see nut production rise in prominence? Watch this space.

Click here to read Issue 27 of our Farming Newsletter.

Get In Touch

For advice and guidance on the topics mentioned above, or farm accounting, tax and business advice, contact your local Whitings office or your usual Whitings contact.