Tax planning from the get go

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 out profit and secure a fixed return on the capital released.’

The quantum of tax risks can therefore be high where farmland is involved due to the high values. As a result it is important for tax advisers to ensure their and their clients’ tax position is protected in advance. This is...