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My farming client Giles is elderly and widowed and owns valuable farmland that would appear to have greater ‘hope value’ following the statement by Boris Johnson of ‘build build build’ and the reform of the Town and Country Planning Act 1947.
Also the proposals regarding permitted development rights make some of his buildings attractive as potential dwellings. Farming is ever more difficult because of the age and cost of the machinery.
Giles is being enticed into a limited liability partnership (LLP) joint venture by a few of his neighbouring farmers who offer machines labour and a small area of land. His contribution is the use of his valuable land and know how.
The neighbours have been taking legal advice. I am worried about the risk of only 50% business property relief (BPR) for inheritance tax on any hope value following the Foster case....
