Tax Planning for Agricultural Land

With the large variety of available tax reliefs, farmers can find many opportunities for tax planning. This tax planning for farmlands can best be utilised for the purpose of getting inheritance tax (IHT) reliefs as well as capital gains from the sale of assets. When it comes to IHT, farmland includes ancillary woodlands along with any buildings that are used in the farming business. It also encompasses farmhouses, farm buildings, and cottages. There are two main reliefs from IHT, specifically Business Property Relief (BPR) and Agricultural Property Relief (APR). These two types of relief operate through the reduction of the value of qualifying assets that are liable to IHT.


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