Call: 01633 871122 | Email: email@example.com
Agriculture is a capital intensive business, and for most farmers their wealth will be in the value of the land and assets they hold as opposed to the income they receive.
With much land now being sold for development, it is more important than ever to ensure entitlement to valuable reliefs such as Entrepreneurs' Relief, which will reduce tax due to an effective rate of 10% on gains up to £10 million.
Careful and timely planning is required, covering areas such as who owns the assets and what is being sold (business or assets). Get this wrong and you could be looking at capital gains tax (CGT) of 28%.
At Green & Co, we have many years experience in forward planning on the structure of farm businesses, with a view to not only minimising CGT on any sale of the business and/or assets, but also bearing in mind succession planning issues. To speak to one of our tax experts, contact us.