Advising an elderly client who co-owned a farm in Dorset with a discretionary trust.
The farm was tenanted under an Agricultural Holdings Act tenancy to a cousin. We advised the family on the granting of a sub tenancy and the subsequent merger with the existing tenancy to ensure that the holding qualified for 100% Agricultural Property Relief before the 10 year anniversary of the trust. By doing so a substantial amount of tax was saved.
The work also included advising on a new farming partnership and the bringing in of other family members to ensure that the farm remains in the family after the elderly client’s death.