Farmers could face steep hikes in Inheritance Tax if new HMRC proposals come into force, warns rural accountant Old Mill. Currently, landowners can put properties into trusts in order to hand them over to the next generation; often saving Capital Gains Tax and Inheritance Tax in the process, says head of rural services Andrew Vickery. But now HMRC is proposing to cap the tax-free value of trusts at £325,000, meaning any properties worth more than that may incur IHT charges. Full story: Read more
The Visitor. Covering Somerset, Dorset and Wiltshire
The Visitor. Magazine covering Somerset, Dorset and Wiltshire. Since 1983.