The Environment Food and Rural Affairs Committee comprising 11 MPs across political parties has recommended that the Government to delay implementing its final APR and BPR reforms until April 2027 in order to provide more time for farming businesses to conduct succession planning and seek appropriate professional advice.
During this time it calls for the Government to consult on its proposed changes conduct an impact and affordability assessment consider policy measures and mitigations to reduce any unintended negative consequences. This would include the best means to:
prevent APR and BPR being used to avoid inheritance tax while allowing farms to be passed between generations intact;
protect the most vulnerable including those with less access to financial and legal advice those who will pass away within the next seven years;
prevent negative impacts on tenant farmers;
ensure food security is not threatened but...
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The Environment Food and Rural Affairs Committee comprising 11 MPs across political parties has recommended that the Government to delay implementing its final APR and BPR reforms until April 2027 in order to provide more time for farming businesses to conduct succession planning and seek appropriate professional advice.
During this time it calls for the Government to consult on its proposed changes conduct an impact and affordability assessment consider policy measures and mitigations to reduce any unintended negative consequences. This would include the best means to:
prevent APR and BPR being used to avoid inheritance tax while allowing farms to be passed between generations intact;
protect the most vulnerable including those with less access to financial and legal advice those who will pass away within the next seven years;
prevent negative impacts on tenant farmers;
ensure food security is not threatened but...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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