Don’t leave the next generation with the tax bill
With the current unprecedented uncertainty, now is the time for landowners and farmers to know their worth – and make the best of it.
It’s more important than ever that people take stock of their assets.
The financial impact of the pandemic is likely to last for generations. Many financial experts are predicting significant changes to the tax system, including possible changes to capital gains tax and inheritance tax.
We are already seeing an increase in inquiries from people wanting to act now under the current tax rules to ensure what they pass down to the next generation keeps its worth.
Getting an up-to-date land and asset valuation done is a good place to start. It’s vital for people to know their current worth so they can make the best plans for the future.
Having a will in place is an obvious – an important – thing that can be done, but there are many more immediate options that can also be considered, including dividing and gifting assets to children under the current system to avoid the inevitable changes that will come.
Action taken now will ensure the next generation isn’t picking up the tax bill for years to come.
Paul Madeley is a Much Wenlock chartered surveyor
