INHERITANCE TAX - 97 yo in care home

[Midlander11]

I understand we are not entitled to full agricultural relief.

Dad was 97 and living in a care home when he passed. His death certificate states his occupation as “None”. So he wasn’t a working farmer.

He also obviously didn’t occupy the farmhouse. My brother lives in it and has nothing to do with farming.

The farmhouse and all the land was in my dads name.

I am mentally prepared for us to be up the creek without a paddle.

Is everything going on tax?

 

[Clive]

Is everything going on tax?

40% of anything over £325k probably is yea

 

[Midlander11]

40% of anything over £325k probably is yea

I guessed so. The process has just begun

 

[Clive]

I guessed so. The process has just begun

did he still draw income from the farm ? that could maybe give you an argument he was still a farmer / trading for. APR / BPR

 

[serf]

40% of anything over £325k probably is yea

325 K + 175K( 500K) if left to offspring,
surely land will have100% Apr

 

[Midlander11]

325 K + 175K( 500K) if left to offspring,
surely land will have100% Apr

I understand that you have to work the land in order to have APR. Further, a farmer (or a farm worker) must occupy the farmhouse for it to have the same relief.

 

[serf]

I understand that you have to work the land in order to have APR. Further, a farmer (or a farm worker) must occupy the farmhouse for it to have the same relief.

House may be grey with his time away but surely he was farming it (on paper) for as long as he physically could, and wasn't renting it out ( all in hand)

 

[Clive]

325 K + 175K( 500K) if left to offspring,
surely land will have100% Apr

no apr unless owner is an active farmer

 

[Midlander11]

From the initial discussions, it is difficult to argue that he was farming since he was bed ridden.

I think that what box gets ticked depends on the agent used.

 

[Kidds]

It would be worth your while speaking to your accountant and make sure they are good accountants before any boxes get ticked..

 

[serf]

no apr unless owner is an active farmer

Regardless of APR 500k is zero rated if left to offspring.

 

[serf]

One thing is for sure , the liability Is going to be a whole lot worse in 2 months time going forward !

 

[Midlander11]

Regardless of APR 500k is zero rated if left to offspring.

I think so. But it’s 480 acres of prime arable land is a competitive area (often £14k acre).

 

[serf]

I think so. But it’s 480 acres of prime arable land is a competitive area (often £14k acre).

P!SS in the ocean then

 

[serf]

I think so. But it’s 480 acres of prime arable land is a competitive area (often £14k acre).

Are you not in partnership with partnership a agreement , wether that will have any sway on things

 

[Midlander11]

Are you not in partnership with partnership a agreement , wether that will have any sway on things

My father was a partner in the business until his death. Even though he was pretty much vegetative. I was also a partner in the business.

The partnership didn’t own the farm though.

I am unsure whether it affects things.

 

[br jones]

My father was a partner in the business until his death. Even though he was pretty much vegetative. I was also a partner in the business.

The partnership didn’t own the farm though.

I am unsure whether it affects things.

speak to your accountant asap .sorry for your loss

 

[Still Farming]

I understand we are not entitled to full agricultural relief.

Dad was 97 and living in a care home when he passed. His death certificate states his occupation as “None”. So he wasn’t a working farmer.

He also obviously didn’t occupy the farmhouse. My brother lives in it and has nothing to do with farming.

The farmhouse and all the land was in my dads name.

I am mentally prepared for us to be up the creek without a paddle.

Is everything going on tax?

Depends on the Will , any thing gifted already , is farm let out any sheds used/ letted, any rent paid and receipts for farm house let possibly?? maybe things can be done to help, good professional advice needed asap possibly.

 

[Still Farming]

From the initial discussions, it is difficult to argue that he was farming since he was bed ridden.

I think that what box gets ticked depends on the agent used.

You got receipts possibly to show he was in charge and paid someone to help out, farm, security when he was unable maybe ???

 

[Still Farming]

My father was a partner in the business until his death. Even though he was pretty much vegetative. I was also a partner in the business.

The partnership didn’t own the farm though.

I am unsure whether it affects things.

Owned just in Dads name was it?
Partnership laws operative possibly though?