Agricultural and business property relief
Navigating Inheritance Tax can be challenging
We specialise in these areas, offering insightful advice on how to maximise BPR and APR benefits.
We specialise in these areas, offering insightful advice on how to maximise BPR and APR benefits.
Navigating Inheritance Tax can be challenging, especially for business owners and farming families. However, leveraging certain reliefs can significantly reduce the tax burden on estates.
Two primary reliefs to be aware of are Business Property Relief (BPR) and Agricultural Property Relief (APR).
BPR can apply to company shares or partnership interests or assets within a business, like its premises.
On the other hand, APR is relevant for agricultural land or farm structures used for farming purposes.
Both BPR and APR can potentially cover up to 100% of an asset's value. However, there are stipulations. You must own the assets for a specified duration, and not all assets qualify. HMRC can be exacting about which assets are eligible for these reliefs.
Freers Askew Bunting specialises in these areas, offering insightful advice on how to maximise BPR and APR benefits.
It's crucial to incorporate these reliefs when drafting wills. By doing so, assets can be passed down to the next generation rather than just to a surviving spouse—who typically wouldn't face inheritance tax. Properly applying these reliefs ensures they aren't wasted and serves to protect familial assets.
Rachel advises on all aspects of future planning including wills, lasting powers of attorney and trusts. She also supports clients through the process of administration of estates.
Director & Head of Private Client
