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Inheritance Tax and Farms

As part of the process of preparing your Will, you will of course need to consider your main assets in relation to the issue of Inheritance Tax, and a professional Will writer will advise you on the likely impact this is likely to have, ways of limiting this effect on your Estate, and how you can make proper provision.

However, few people are aware that for those who own agricultural land, the rules for Inheritance Tax actually differ.  Those in the farming community should be aware of this potential tax break and understand the rules, to know whether they will qualify as farmland which is actively worked could potentially be fully tax exempt.

The criteria which must be met includes the clause that the deceased person must have been personally involved in working the land rather than simply owning it and having a tenant farmer for example.  If you own farmland but either don’t work it at all, or are not actively the one working it then you may still qualify for some relief, which is likely to be nearer to the 50% discount mark.

The financial cost of Inheritance Tax can be crippling, but advice from a good Will writer or probate specialist will help you to minimise the amount to be taxed on your Estate.

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