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Charlotte Turner, Graduate Surveyor, comments:
We all know in the farming world a handshake on an agreement is often all that is needed to seal and document a deal. Apart from the possibility that the finer parts of a deal may not be properly considered, or recorded, in this day and age it is even more important to have accurate and up to date farming agreements.
This is especially true given that recent tax reform remains top of many Farmer’s and Landowner’s minds. Understanding how you will be impacted by this new legislation is essential. If letting farmland plays a role in your tax planning strategy, it’s crucial that your agreements not only reflect what’s happening on the ground but also align with current legislation.
Farm Business Tenancies (FBT) and Grazing Licences are common tools used by Landowners to let out farmland and frequently feature in wider of their tax and planning strategy. A professional review of these agreements can help identify opportunities for renegotiation, restricting, or succession planning, ultimately unlocking potential value or reducing tax liabilities.
For further information or guidance on the above, please do not hesitate to contact Stags Professional Services Team on 01823 653424 or [email protected]
