Succession planning is an essential part of running a family farm business. Effectively planning for the future allows you to protect your assets, safeguard your business, ensure continuity and provide for your family. Succession planning in the farming industry is also vital to the sector's viability as a whole. In this post, we look at some of the key things you need to consider when succession planning for your farming estate.

Self Assessment customers will not receive a penalty for their late online tax return, with the tax return deadline being extended to 28th February this year, HM Revenue and Customs’ (HMRCs’) Chief Executive Jim Harra has announced.

If you are acting as a deputy for finance and property you may have some questions about your role and what you need to do.

Last year, a new private members’ bill was introduced to Parliament, calling for there to be a ban on Inheritance Tax being paid by siblings who live together.

Speculation is increasing that the Chancellor’s next Budget will see a rise in Capital Gains Tax rates. According to a recent Canada Life poll of 2,000 adults across the UK, 83% of advisors expect some form of change to Capital Gains Tax, with 38% anticipating a rise to the same levels as income tax.

Under the Mental Capacity Act 2005 the COP may direct that an LPA should not be registered if one of the grounds for objecting to registration applies.

The value of our online lives is becoming immeasurable, yet not many people are recording or protecting their digital assets just like their physical ones.

It is safe to say that the current tax regime in this country is far from straightforward. We have Income Tax, to raise funds from employment earnings and savings income, Capital Gains Tax, to tax the increase in value of certain assets and Inheritance Tax, for transfers of wealth after death. And this is without the other numerous taxes involved in our lives.

During Lockdown we have seen various changes in the law regarding how Wills can be finalised during the pandemic, including the use of remote witnesses. However, what has been less well publicised are whether there are any equivalent rules for the remote signing of Lasting Powers of Attorneys (LPAs).

You may not be aware that you do not have to pay Capital Gains Tax when selling your home, but the detail of the rules are a little more complex than this though.

A recent Freedom of Information request, published by The Telegraph has shown the confusion over complex Inheritance Tax provisions. The number of estates being investigated by the Revenue is at a four-year high, with numerous families having to suffer scrutiny.

It is only in the early stages, but the Ministry of Justice (MOJ), together with the Office of the Public Guardian (OPG), has been seeking input from practitioners and other interested bodies as part of a new initiative to modernise the process of making a lasting power of attorney (LPA) in England and Wales.