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Agricultural property presents the tax planner with all the problems of other business property, and some special considerations of its own. These may include:
Our tax planners work closely with our agricultural and property specialists, in an area where understanding of the sector is all important. Again, settlements play a major role, given the normally absolute necessity for the landowner/farmer to be able to plan long term, and the frequent impossibility of being able to cope with a significant third party claim (as on divorce) and continue a viable business. Often, too, a relatively minor adjustment to the legal framework of the business - in hand or tenanted, contract or lease, partnership or company - will transform the family tax position.