Traditionally, the core activity of the agricultural sector is arable farming or keeping livestock. But increasingly, many owners of agricultural land have diversified into non-farming but complimentary activities including holiday lets, leisure including corporate hospitality and equine facilities.
Against this background, agricultural property is held for many reasons: it may be your family tradition, it may be for lifestyle purposes, or it may be for commercial purposes. In whichever case, agricultural land and rural businesses present their own challenges with, for example, the impact of government policy on agriculture or the possibility of rural diversification. Consideration of capital taxes is usually never far away from the mind of the owner of rural land and in particular the implications of Capital Gains Tax and Inheritance Tax.
With our in-depth knowledge and experience, Ritchie Phillips can help you maximise the potential returns from your agricultural and rural property interests. In addition, we can help you and your family with long term planning and succession issues so if agriculture is, or is becoming, your family tradition, we can help you can keep the farm in your family’s ownership.