Key points
- The market for farmland remains strong and the value of such property is at an all-time high.
- High value of farmland equals high tax risks.
- Advisers should train clients to not change legal entity sign documents or spend money without asking for tax advice.
- Don’t wait until it is too late to implement tax planning.
There are always problems with having to consider tax solutions and identifying tax problems after business decisions have been made and legal agreements signed. Tax planning should be from the ‘get go’.
A recent report Spotlight: The Farmland Market 2023 from Savills on the farmland market stated: ‘the demand for farmland remains high and is not likely to be satiated anytime soon with environmental motivations becoming ever more prevalent’ (tinyurl.com/y99s7h8n). The report also mentioned: ‘The average value of farmland is at an all-time high offering an opportunity for investors to cash...