Minimise the impact of tax

‘From offshore trust formation to Inheritance Tax on farms, find out all you need to know about tax efficiency’

You can’t avoid paying tax. But when it comes to passing on your family business, there are steps you can take to lessen the impact it will have on future value. Our tax planning team can help you minimise your liabilities.

Expert advice for tax efficient business

With Inheritance Tax at 40%, income tax at a top rate of 45% and Capital Gains Tax chargeable at up to 28%, you may well wonder if tax is going to eat away at your hard-earned wealth. We can help you minimise your tax burden.

  • Inheritance Tax on farms
    Inheritance Tax on farms can be complex. You may be able to get 100% relief, but it depends on how the farm is owned. Not only that, the Inland Revenue will look carefully at any claim relating to the ‘agricultural value’ of land and buildings which might benefit from 100% relief. Our tax planning team will recommend the best arrangements that let you take advantage of Inheritance Tax relief through lifetime transfers or gifts on death.
  • Business Property Relief
    If your land has development value, 100% Business Property Relief might be the best way for you to avoid unnecessary tax. We’ll look at any borrowing you have to make sure it’s still structured to bring you tax advantages too. Our expertise could help make a huge difference on how your assets are taxed when you pass away.
  • Income Tax and Capital Gains Tax
    With ever-rising land values, it’s more important than ever to plan for Capital Gains Tax. Our tax planning team will work with your accountants to find the best way to minimise your liabilities.
  • Offshore trust formation
    You may be able to mitigate tax when you purchase or own land in the UK by setting up an offshore trust structure for your farm. Offshore trust formation could even help you avoid or defer Capital Gains Tax if you sell the farm in the future. A trust could also help you avoid Inheritance Tax on any proceeds from sales.

Our credentials

Angus Williams of Royds Withy King is praised by a source for his “rural background and thorough understanding of agriculture.” He handles rural property work including farm and estates transactions and agricultural tenancies.” Chambers 2017 South West

“Royds Withy King advises lender clients on tenancy and financing matters. Angus Williams is noted for his knowledge of rural property.” Legal 500 2016 South West

Contact us now to find out how our tax planning team can help you minimise your tax liabilities.

Your understanding of agricultural issues and potential stumbling blocks meant you had dealt with all the issues and before they arose. This was a 'first' for us and we felt the whole process was handled extremely well, we were kept informed as to the process and all the paper work was very straightforward.
Brian Thornton, Bretto Limited

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