Latest Tax Planning

Just as important as an understanding of the total value of your estate when undertaking IHT planning, is an understanding of certain legalities. We thank Jeanette Dennis and Fenella Eddell of Ashtons Legal LLP for sharing their wisdom on farming partnership agreements with us. Whilst we have concentrated on partnership agreements, it should be noted…

Changes in Inheritance Tax relief due to be introduced from 6 April 2026, including a restriction in 100% Agricultural Property Relief (APR) and Business Property Relief (BPR) to £1m, will substantially increase the Inheritance Tax due for many farming families.   To implement planning to reduce the tax due requires a full assessment of the…

Ahead of the upcoming 2025 Autumn Budget, which will take place on Wednesday 26th November 2025, we have been considering what taxes might change.   Frozen Tax Allowances The current freeze on income tax allowances, as well as Inheritance Tax nil rate bands, are currently scheduled to end in April 2028.   Over time wage…

In many situations a tax planning review may identify opportunities to minimise the tax you are liable to pay on a transaction or situation.   These ’opportunities’ will relate to:   1. Do not make the transaction/action If being reviewed in advance, don’t do something that triggers a tax charge (eg extracting money from a…

With a Budget expected in a few months, and the expectation that taxes will need to rise, it appears to have been leaked that the Government are considering charging landlords NIC on their net rental profits. This has brought into focus the possibility of incorporating a property business, to counter this. Along with this potential…

With the potential tax changes that are making the headlines, is it time to plan ahead?   As the 2025 Autumn Statement approaches, as always, speculation is swirling over the potential tax changes that could be implemented. Having already seen significant hikes in the Spring 2025 budget, and with a rumoured £50billion black hole to…

Farming can happen under many different arrangements. Whether that’s in-house, a tenancy where a landowner lets their land to another to farm, a Contract Farming Agreement (CFA) between a landowner (or tenant farmer) and a contractor, casual contracting on an ad hoc basis or machinery sharing. It’s important to understand each option to consider which…

There’s Always Something! Welcome to Issue 26 of our Farming Group Newsletter for Spring/Summer 2025, our first since the shock Inheritance Tax (IHT) announcements were made in the Autumn Budget 2024. Ironically for many, the autumn, winter and spring conditions so far, despite a few pockets of wet and dry spells, have probably been the…

The Self Assessment return second payment on account deadline is approaching (31 July 2025). Your Whitings contact will be sending out payment reminders with the details of how much income tax you need to pay and what payment reference is needed. These details are also shown on your tax return letter or email for your…

Many people choose to donate to charity for a range of reasons, often influenced by personal experiences or the impact of someone they know. While tax benefits are rarely the primary motivation, there are several reliefs and considerations to keep in mind.   My recent article, for the Suffolk Community Foundation, highlights some of the…