11 June 2010
Farmers Need Detailed Accounts to Maximise Money Left in Wills
In order to ensure that British farmers can leave as much money as possible in their Wills, farmers must keep detailed accounts.
This was the message delivered during the Royal Cornwall Show this week by Old Mill, which noted that such land owners need to keep documented evidence of their activities in order to reduce their Inheritance Tax burdens.
Associate director at the firm Andrew Vickery suggested that many such people assume their estates will be eligible for Agricultural Property Relief from the levy.
"However, a series of court cases have highlighted the need for careful planning and documentation," he added.
Mr Vickery went on to say that a "key feature" of such legal battles is a lack of sufficient evidence of farming activity to support the accounts and tax returns filed.
A plan by the Conservatives, which would have impacted on a number of consumers, to raise the Inheritance Tax threshold from £325,000 to £1 million had to be shelved following the general election as the party formed a coalition with the Liberal Democrats.