Anne's Agricultural and Tax Planning Blog

Latimer Hinks Celebrates Citations in Legal 500 - Latimer Hinks Solicitors

noreply@blogger.com (Anne's Top Tax Tips) — Thu, 27 Sep 2012 10:54:00 +0000

Latimer Hinks Celebrates Citations in Legal 500 - Latimer Hinks Solicitors

Hey, we've done it again! Hard work (and great Clients) has once again paid off. Take a look

WARNING - Diversification Could See Farmers Face Inheritance Tax

noreply@blogger.com (Anne's Top Tax Tips) — Wed, 19 Sep 2012 13:21:00 +0000

There is much in the press informing us of how many farmers are branching out into other activities/businesses.

The potential to diversify is massive. We hear about farmers diversifying into tea rooms, riding schools, bed and breakfast, outdoor activities and even a specialist bra supplier (Ample Bosom) in order to keep their main income healthy.

However, farmers must be aware of the potentially dangerous inheritance tax implications in diversifying their business.

Changes in how land is used can affect the farmer's entitlement to Agricultural Property Relief (“APR”) for Inheritance Tax (“IHT”). APR is a valuable relief for owners of rural property but it can cause problems when farmers diversify i.e. if agricultural land and buildings are adapted for alternative purposes they may not be entitled to APR.There are also important rules regarding not only the occupation but the length of ownership of the property. Farmers and land owners who have decided to change, or are considering changing, the use of their land, should be aware that they can lose APR. If they do so, to mitigate IHT, they must try and ensure that they qualify for the alternative, Business Property Relief (BPR.)

For further information see:

New Business Ventures Could See Farmers Face Inheritance Tax warns lawyer

or contact Latimer Hinks on 01325 341500

Anne Elliott is a member of the Agricultural Law Association, as well as a Recommended Professional for the Tenant Farmers Association. In 2011, she was cited in the prestigious Legal 500 directory for both her work on Inheritance Tax and in the category of Agriculture and Estates. This was followed by a recommendation in Chambers 2012 for her expertise concerning, among other areas of law, the Agricultural Holding Act.

The Thorny Issue of Agricultural Diversification

noreply@blogger.com (Anne's Top Tax Tips) — Mon, 03 Sep 2012 07:49:00 +0000

Anne Elliott, Latimer Hinks Solicitors

It is no surprise that the farming community is becoming more and more attuned to the attractions of diversification. Challenged by the threats of lower dairy prices and higher feed prices (to say nothing of the weather and its threat on yields) taken with the Eurozone problems many continue to look for new commercial opportunities. We have seen a steady increase over the past decade in the number of landowners seeking advice from us in this important area of diversification.

Many farmers and landowners have sought to maximise on the commerciality of their land and have embraced various opportunities. Many have converted under-used or redundant farm buildings, including barns and storage facilities, to provide residential holiday or commercial/business lets, some with considerable success. Other new projects include children's nurseries, small office developments, farm shops, units for storage and warehousing and riding liveries and schools. Other key projects include wind farm developments, commercial fishing lakes and mineral exploitation and landfill.

Potential pitfalls arise when owners of agricultural land choose to go down the diversification route. Some changes can prejudice the farmer's entitlement to Business or Agricultural Property Relief for Inheritance Tax (IHT) purposes. Altering the status of the use from agricultural to, e.g. equine can affect the farmer's entitlement to these very valuable IHT Reliefs.

The principal condition for securing Agricultural Property Relief is that the land must meet the IHT definition of 'agricultural property' and be used for agricultural purposes. Farmers and land owners who decide to change the use of their land for an alternative commercial use run the risk of losing Agricultural Property Relief and thus becoming subject to Inheritance Tax unless they can still qualify for Business Property Relief. It is crucial to seek legal advice before implementing agricultural diversification.

Another important condition relates to the period of ownership and occupation. In general terms, owner occupiers who are trading can secure maximum reliefs after two years - otherwise a seven year period of ownership is necessary.

The rules relating to Agricultural and Business Property Reliefs are complex and professional advice should always be sought.

Agricultural diversification schemes provide a welcome and crucial income stream to supplement that generated by the traditional farm business, but there are possible tax problems, so care is needed.

In summary, the issue of land diversification can be a thorny one. The crucial point to remember is the need to seek sound legal and accountancy advice before implementing any diversification scheme. Agricultural and Business Property Reliefs can be retained, but careful planning is often crucial.

Anne Elliott is a Partner and agricultural law specialist at Latimer Hinks Solicitors. Anne is a member of the Agricultural Law Association as well as a Recommended Professional for the Tenant Farmers Association. In 2011, she was cited in the prestigious Legal 500 Directory for both her work on inheritance tax and in the areas of agriculture and estates. This was followed by a recommendation in Chambers 2012 for her expertise concerning, among other areas of law, the Agricultural Holding Act. Latimer Hinks has a team of around 50 people serving private and corporate clients.

For further information: www.latimerhinks.co.uk or call 01325 341 500. Please note: This article is intended as guidance only. No responsibility for loss occasioned/costs arising as a result of any act/failure to act on the basis of this article can be accepted by Latimer Hinks. In addition, no responsibility for loss occasioned/costs arising as a result of any act/failure to act on the basis of this article can be accepted by the firm

Can't Take It With You - Was it the right advice for a family farming business?

noreply@blogger.com (Anne's Top Tax Tips) — Mon, 31 Jan 2011 10:43:00 +0000

I feel I must put pen to paper (fingers to keyboard) and have a little rant about the recent Can't Take It With You episode which touched upon a family farming business.

As a farmers daughter I understand the complexity of family relations within a farming business. Latimer Hinks has many agricultural clients where succession planning advice is critical in retaining the farming business within the family - and good family relationships.

BUT.. I have to say that I didn’t really agree with the solicitor’s approach re the farming family scenario will and the two options she gave to the parents. In fact I felt both were pretty dangerous in the context of securing the main objective.

Objectives - to keep the business intact/protect the farm and the business which the parents had spent years building and to try and treat the children fairly.

Three sons and one daughter-with the three sons working in the business-all three with wives/partners- youngest child the daughter and obviously the apple of Mum and Dad’s eye-and loved by her brothers

Their solution number one-in the will, give the whole shooting match to one son-how was that protecting the asset?-what if he was divorced/became bankrupt/died prematurely wanting his wife and children to take his estate? Did I miss something?

Their solution number two-the family partnership which was the one the parents went for-with a larger % to son 1 and smaller percentages to sons 2 and 3 and then 10% to daughter-how are those boys going to feel as and when daughter gets older moves on, maybe marries and has nothing whatsoever to do with the farm-especially if farming incomes drop and she is well provided for by her own husband/partner/own means? They may feel ok about it now but I suspect won’t do as years pass and they are older, have worked longer and are locked into the situation particularly if they have their own families who could well be working hard in the business.

I think the solution proposed could be dynamite when Mum and Dad have both died.

I would have felt pretty upset if I had been one of the sons-particularly the 2 younger ones with a smaller share than their brother-although of course he may be doing more work-probably not. I feel a fairer solution which everyone could have been 100% happy with could have been designed.

My Solution
To my mind the classic perfect solution would have been a trust for the land separating the business ownership from the land ownership-certainly protect daughter and ensure she has a share of proceeds if and when the land is sold-I wholeheartedly agree-but surely whilst the farm is effectively a tool of the farming business and generating profits from the endeavours of the boys particularly as they are paying (by the sounds of things) bank borrowings then surely they should share the rewards of their hard work? Keep the deceased parent’s share of the business in the trust and share the trust’s share of profits/losses between the boys if they are doing the work-or let the boys have the business assets but protect the land

To leave the land in a discretionary trust for the use of the boys would protect the asset-so no one child could prejudice its retention for the good of the family as a whole –enable it to be made available to any family members wanting to farm-potentially provide an income for daughter if and as necessary –for example the land could be let to the farming partnership by the trustees and the rent paid to the daughter if she wants/needs income

Summary
Watching all of the episodes broadcast to date I am not sure about these family round table meetings-people get upset/start and talk about fairness and unfairness-and in any family the issues are so often FAIRNESS v EQUALITY-what is right for any particular family may not be right for another and farming families are very problematic where some children are working in and some working outside the farm/the business-the parents have got to be strong and dictate what is fair and that may not be equality-though of course they may not agree between themselves!!

Also what if Mum and Dad change their minds for whatever, but specifically for excellent reasons e.g. a regular review throws up the need for a change in the will -yet don’t feel able to communicate the change of mind to the family-what if eg reverting to the farm and Friday’s programme any of the boys are divorced-not only the sons but potentially divorcing wives have a greater degree of expectation if there has been a round table discussion such as we saw? Personally (preferring not to have a meeting) if there is going to be a meeting I suggest having it once the will has been signed and with only the immediate family present ie sons/daughters.

Some bright spark is bound to come up with an argument about proprietary estoppel where there has been such a meeting if ultimately someone is disappointed and does not receive what he/she perceives he/she was promised eg because a will is later changed!

Wills of business men and women -particularly farmers -benefit from and should be subject to regular review.

I could go on and on and on……….but won’t….but I will continue to promote discretionary trusts in the context of their flexibility - particularly in protecting the farmland and the business assets for the families of the vast majority of farmers who see themselves as custodians of the land for the benefit of future generations of the family who want to farm-with the flexibility for all the family to benefit and to varying degrees/extents if the farm is -as it will inevitably be one day – sold.

Similar considerations apply to all family businesses with some family members working in the business and others not-trusts are the perfect solution to protect the family the business and the principal source of perhaps 3 or 4 families’ livelihoods

Here endeth the rant!

Can't Take it With You

noreply@blogger.com (Anne's Top Tax Tips) — Mon, 17 Jan 2011 16:00:00 +0000

We recently ran a press story prior to the airing of the BBC2 programme "Can't Take it with You". The Press release ran with the title "Growth in Contested Wills Could Mean Heartache for Families".

Friday night’s programme “Can’t Take it with You” was great in showing that there is a solution to even difficult issues but it confirmed my suspicions – that many couples (especially those in 2nd/3rd relationships/marriages) who can’t agree about how they want their estates to pass on death feel that they have a problem that cannot be solved. Therefore they don’t go and see a solicitor and take advice and therefore the issue becomes even more divisive which inevitably affects their personal relationship.

I have had a number of Clients who have died without wills and who I felt didn’t make wills because they didn’t know how to divide their estates between families/step families/charities.

The result was that their estates were administered as intestacies and according to the general law - which led to bitterness, recrimination and to a lot of people left feeling “cheated.”

Friday’s programme showed that a good solicitor can provide a good solution – whether I would, in every case recommend a family “conference” such as was shown on the programme was debateable – after all, circumstances can change after a will is made leading to the need to change a will. Once you have a family “pow-wow” such as we saw there is inevitably an expectation which may not be fulfilled if a will is changed.

A will isn’t usually for life – it may need to be reviewed/changed as circumstances change.

£1000 Donation to the Farm Crisis Network, but do I really need a photograph??

noreply@blogger.com (Anne's Top Tax Tips) — Wed, 14 Jul 2010 15:19:00 +0000

This morning saw me up bright and early leaving home before 7am to keep a breakfast appointment at the Great Yorkshire Show at 8.30am

Incredibly I had to queue to get in to the Showground-a vast area-and then had to find Stand 614!!

I made it and renewed acquaintances with friends and colleagues from the Tenant Farmers Association (of which I am a recommended professional) and was warmly welcomed by all especially the Farm Crisis Network people.

We do a lot of work with farmers in North Yorkshire and South Durham and many of them have a very tough and solitary existence-the FCN supports them practically, emotionally and financially.

On the 22nd May the TFA organised a sponsored walk to raise funds for FCN. Normally I would have taken part BUT the Latimer Hinks Charity Ball was held on the 21st May - which resulted in a very late night/early morning for me! I was in no fit state to attend a lengthy walk but felt we needed to support this very worthy cause.

The ball raised £11,500 with monies going to Help for Heroes, St Teresa's Hospice and smaller local charities. We chose the Farm Crisis Network to be one of our "smaller charities." We wanted to support them by handing over a donation of £1000 from the fund.

Andrea my Marketing PA insisted that this was not just a case of me handing over a cheque-I had to find a beast, a cow, a pig or a sheep to be photographed with –and, as you can see by the photo I duly obliged.

We are making huge efforts to try and encourage farmers and the farming community to look at succession planning-and the TFA and FCN and the Yorkshire Agricultural Society are working with us to get the message out there-very much a case of a joined up approach.

Finance for Farmers - follow up

noreply@blogger.com (Anne's Top Tax Tips) — Wed, 03 Feb 2010 09:17:00 +0000

If you really wanted to attend the Latimer Hinks/Barclays presentation on Finance for Farmers but were unable to make it - here is a brief outline of what was discussed

FINANCIAL SEMINAR FOR FARMERS

Latimer Hinks Solicitors have recently co-hosted with Barclays Bank a breakfast presentation on the theme “Finance for Farmers 2010.”

Issues explored included lending in the current financial climate, the legal issues surrounding providing security for borrowing and the importance of planning for the future and how to achieve it.

Presentations were given by Anne Elliott and Rosanne Green, Agricultural Specialists at Latimer Hinks Solicitors and Martin Redfearn, National Agricultural Specialist with Barclays Bank.

Rosanne Green outlined the legal formalities relevant to providing Banks with security for lending.

One of the important factors highlighted was that the borrowers and the owner occupiers may need to seek separate legal advice.

Rosanne used the example parents owning a farm, but the borrowing being taken by the farming partnership, perhaps including not only the parents but sons/daughters/daughters-in-law etc. Each would need to be advised in their different capacities.

Anne Elliott explained that at the point in time where borrowing is being taken/considered it is very important to look at the structure of the business and the aspirations/intentions of the various parties.

She stressed it was important for farmers to talk to all their advisers - the bank, the accountant, property or personal lawyer and financial adviser in terms of analysing where a business is going and, importantly, succession planning for older generations.

Anne Elliott said: “The event provided a range of practical advice and information which those attending could take on board and which I hope will prove useful in their farming businesses.

It was good to provide the opportunity for people to hear what is involved in relation to setting up and finalising borrowing arrangements and also to talk informally to professional advisers.”

The event was of course followed by a breakfast of bacon and sausage sarnies!

"Would I Be An Executor?"

noreply@blogger.com (Anne's Top Tax Tips) — Tue, 02 Feb 2010 16:13:00 +0000

Nick Parmee's Times Online humorous article last week made me smile. He answered his own question "Yes, but it can be quite a burden."

An old friend (referred to as "Fred") had invited him to act as his executor and, flattered by the implied compliment to his "personal integrity and organisational powers", he accepted.

The will was up-to-date so no problem he thought - probate simply a couple of agreeable lunches spent reminiscing, signing a few papers provided by "old-fashioned lawyers with dandruffy cardigans"!!!

In his terms "nonchalance turned out to be far from reality"!!

Problem No 1- organising the funeral - it took nearly 2 weeks - no one knew what Fred wanted - cremation/burial, wake/no wake etc etc.

Problem No 2 - Fred's current account (from which household accounts were paid) was frozen and his widow had no account of her own.

Problem No 3 - myriad of finance houses all issuing letters from "Deep Sympathy" computer refusing to communicate without death certificates and he'd only bought one!

Problem No 4 - he needed a lawyer/accountant/estate agent/personal effects valuer and wished they'd all been lined up by Fred in advance rather than it being left to him to choose "with less time to assess the choies than you'd spend in the supermarket wine section on Friday evening."

Problem No 5 - tracking down ALL insurance companies, building societies, credit card companies, shop accounts etc etc...

Nick then refered to Fred using the website Lasting Post The service aimed at helping you plan for your own demise - Have a look at it!

Not too happy about his view of probate lawyers as being old fashioned "with dandruffy cardigans" - in my experience in 2010 they are mainly young, female, pretty, "sassy" (me excluded)!! Check out our website - and our people

Finance for Farmers

noreply@blogger.com (Anne's Top Tax Tips) — Mon, 25 Jan 2010 12:47:00 +0000

WE are hosting a breakfast presentation on the morning of Thursday 28th January with Barclays Bank Plc entitled "Finance for Farmers 2010". The presentation will cover the Bank's perspective on lending to the agricultural sector in the current financial climate and the legal issues encountered when borrowing money.

The presentation is from 7.45 am and will commence at 8.00 am. It is being held at Crabtree Hall, Little Holtby, Richmond (see http://www.crabtreehall.com/). Martin Redfearn, Barclays Bank National Agricultural Specialist will start the presentation followed by Rosanne Green and Anne Elliott, Agriculture specialists at Latimer Hinks. There will also be an opportunity to talk to Neil Stevenson our Wind Farm specialist.

The presentation will end with a bacon sandwich and an opportunity to discuss matters further on an informal basis.

If you would like to attend please contact Andrea Tobin on 01325 341507 or at@latimerhinks.co.uk. For more information please see www.latimerhinks.co.uk/events

Mobile Telephone Mast Lease Agreements - Farmers could Lose Thousands

noreply@blogger.com (Anne's Top Tax Tips) — Wed, 21 Oct 2009 11:31:00 +0000

Neil Stevenson, one of my "highly regarded" colleagues is advising farmers, who have rented out sites for mobile telephone masts, to check their legal agreements.

They may run the risk of losing much-needed income due to the current consolidation of the mobile telecoms industry.

check it out Mobile Phone Company's Mergers May Impact Upon Farmers Incomes

Top Ranked In Chambers

noreply@blogger.com (Anne's Top Tax Tips) — Mon, 28 Sep 2009 15:01:00 +0000

I, Anne Elliott have been Top Ranked in the Chambers UK directory (ranked third in Agriculture and Rural Affairs for the North East area)- it's quite a pat on the back.

For twenty years, Chambers has been a leading directory of the legal profession. Their reputation is based on the independence and objectivity research - Chambers is a reliable and respected source.

...and here is the ranking

A specialist in agricultural work and with a deep knowledge of rural matters, this firm is noted for its involvement with the Yorkshire Rural Support Network, in which capacity Anne Elliott has been raising the profile of succession planning within the farming community. Described as “forthright and knowledgeable” and one of the “key experts in the North East,” Elliott has also been appointed to the panel of the Tenant Farmers Association. She does a considerable amount of tax planning, trusts, agricultural holdings, and landlord and tenant work.

More info on Latimer Hinks services can be found here Latimer Hinks Agricultural Law

Legal 500 - the bible of the legal business recommends Latimer Hinks

noreply@blogger.com (Anne's Top Tax Tips) — Wed, 23 Sep 2009 10:57:00 +0000

The Legal 500 is the most widely used legal directory in the UK and is considered to be "the bible of the legal business". The Legal 500 ranks law firms in terms of their expertise and performance.Latimer Hinks has once again achieved recommendation - and this time more of our Partners are recognised!

Good work!

Agriculture & Estates
Clients praise Latimer Hinks’ ‘vast knowledge of agricultural law and understanding of matters influencing the market‘. Anne Elliott (me) is a ‘noted expert in the field of landlord and tenant‘, and Tim Haggie is recommended for estate management, strategy and planning. Instructions include advising farmers in negotiation with Broadview Energy over a wind farm development (which also involved Neil Stevenson) in North Yorkshire.

Personal Tax, Trusts & Probate
Anne Elliott (me again!)at Latimer Hinks is noted for her expertise in inheritance tax and capital gains tax planning.

Real Estate
Mark Clayton leads a ‘very proficient‘ team at Latimer Hinks that had a busy year advising on numerous retail properties.

Corporate & Commercial
Nick Poole heads the Latimer Hinks team, which acted on a multimillion-pound refinancing of a group of hotels. Clients acknowledge the practice as ‘one of the best in the local market‘.

Commercial Litigation
Latimer Hinks is noted for its insolvency, debt recovery and bankruptcy practice. Mark Gardner is recommended.
Legal 500 Recommendations 2007
Legal 500 Recommendations 2008

Succession Planning for Farmers - a talk!

noreply@blogger.com (Anne's Top Tax Tips) — Thu, 17 Sep 2009 11:43:00 +0000

Back in 2007 and 2008 I (Anne Elliott, Partner at Latimer Hinks Solicitors) was invited to speak at a Farming Conference targeted at succession planning for farmers and their families (and other interested parties).

Well, it must have "hit the spot" as Robert Dunning (an accountant on the platform with me) and I have been invited back to speak again on the same topic.

"Where and when?" you ask....

Thursday, 8th October 2009 at 6.30pm
The Sportman's Arms, Wath, Nr Pateley Bridge - Succession Planning

The aim is to tell a few tales to "encourage" (for which read "terrify") farmers into planning for family succession, retirement and their exit from the farming business (whether they decide to "go quietly" or die "with their boots on"!).

It will be an informal event with every opportunity given to ask questions and to seek information on all sorts of issues including Will making, family trusts, exit strategies and options.

Did you know 50% of farmers in the Yorkshire Dales haven't made a will!!

If you have a special interest in this topic (you may already advise on these issues) and live in or around the Pateley Bridge area, let me know - you may be able to come along, though numbers are limited!

Succession Planning for Farmers - Taking Control

noreply@blogger.com (Anne's Top Tax Tips) — Wed, 05 Aug 2009 15:15:00 +0000

We're writing an article for the Country Land Association on Succession Planning and I thought I'd share the final version with you.

Succession Planning - Taking Control

It's very easy for me (as a legal professional) to suggest that Succession Planning is required

BUT people are reluctant to talk about anything which involves finances, retirement, death etc. Hopefully this article will make things a little easier along with the accompanying fact sheet Succeeding at Succession.

However, it goes without saying always take expert legal advice!

Planning For Succession/Exhaustion!

noreply@blogger.com (Anne's Top Tax Tips) — Tue, 12 Feb 2008 10:13:00 +0000

Wearing two hats can be pretty exhausting !

For 10 years now I have been Marketing Partner and , in addition ,I have headed up the Private Client Dept-with not only responsibility for a dozen plus people but with a hefty workload in terms of servicing the Clients-oh and then there are the techi jobs-rewriting precedents/thinking out policy/strategy /interpreting law-old and new- etc etc

The problem is that I love both roles and wouldn't like to relinquish either!!.

This week has been a "corker" with three pretty time consuming ,work- related marketing initiatives-a Seminar on Succession Planning for Farmers which we had last night-went down like a dream/strawberries and cream!!

No 2? we are planning a Trusts Tax and Investment Seminar for the end of the month-
.....and No 3..we've hit the ground running re the May Charity Ball -invites will be out next week.
Yes ,last night went well-we had a great and informed audience and the technology behaved!!My co- speakers were very polished.

I think in such situations it is felt that I, as a farmers daughter, at least understand the farmers' usual philosophy that they are only caretakers of the land for the next genearation !!

A kindly gent even said that my passion for farming and agriculture "shone through"in my presentation

I am pretty exhausted-it feels like this week has gone on for ever -but equally exhilerated and excited-one of my IFA friends to whom I mentioned being excited about the Tax and Trusts seminar said I needed "to get out more "and everyone keeps muttering "work life balance" etc but work is part -and a big part- of life and anyone happily working for himself/herself treats work as part of life-

I'm letting my hair down this weekend-that is if I can keep awake-but it's only Wednesday and I can't yet quite see the light of the weekend!

Succession Planning - a MUST for farmers!

noreply@blogger.com (Anne's Top Tax Tips) — Wed, 12 Dec 2007 14:51:00 +0000

Anne was recently invited to speak at a farming conference on Planning for Succession.

The conference was one of the initiatives being taken following the publication of The Yorkshire Rural Support Network's Report 2006 - Succession Planning within Farming Families.

Key points in the report:

Succession planning should be addressed at an earlier stage, not when the older generation is at the end of their career

An awareness should be created of the importance of future planning

Fear of succession planning and the emotional implications prevent families from acknowledging the issue

Tenanted farmers have limited options and may struggle to change/diversify

Housing is a barrier to young people entering into the farming business

Young people are going on to further education and a career before returning home to work, often because there isn't an income available from the farm.

The event was a great success - there was even a write up in the Farmers Guardian.

Due to the success of the event, more conferences are planned in the New Year, hopefully the first of which will be in February. I'll keep you posted as to dates, times etc.

Change, Change and more Change

noreply@blogger.com (Anne's Top Tax Tips) — Thu, 08 Nov 2007 11:03:00 +0000

Normally I embrace change but at the moment it 's a case of too much of a good thing.
How on earth are Tax Lawyers and Accountants supposed to advise their Clients-the CGT rules/legislation are in a permanent state of flux and inevitably they are going to be tinkered with between now and publication of next year's Finance Act - as and when and how Alistair Darling sees fit.

The Pre Budget Statement as far as I am concerned just provides the Government with a sounding board-they float a few ideas/draft measures-see how the public and more specifically the various lobbies respond and then decide what degree of unpopularity they are prepared to countenance and then legislate accordingly.

I am not a political animal-I just like to know what the rules of the game are!!
I suspect I sound like a grumpy old woman but I thought government and legislation was intended to provide certainty-this sort of approach does not instil confidence in the business community.

Still onwards and upwards-I am presenting with professional colleagues in Harrogate tomorrow -talking to members of the farming community on "Planning For Succession" and the need for it-if I am asked by farmers looking to retire whether they go for it now or after April when the proposed CGT revised legislation will be implemented what do I say? They might be better off dying in harness/with their boots on so to speak-ie not retiring and staying involved in the business-but then that might solve CGT issues but generate IHT problems
I wish my crystal ball was a bit bigger and better -and clearer!!

We soldier on

Technology!!

noreply@blogger.com (Anne's Top Tax Tips) — Tue, 16 Oct 2007 15:24:00 +0000

What a week!!

We circulated my Client Alert by e mail-horror of horrors it replicated itself-and has done so for the last 2 days-the Practice Manager has just told me that he thinks it's stopped.

Our contacts have been bombarded with batches of 950/1000/and more !!! We are now e mail persona non grata!!

Fantastic initiative that went a bit wrong-but the recipients won't forget us-and eventually in some cases they started to smile at our misfortune!

Hey ho...it's off to home I go-for a good strong drink!!!

The Magpie Pre Budget Report

noreply@blogger.com (Anne's Top Tax Tips) — Tue, 16 Oct 2007 15:20:00 +0000

Oh what a day!!

Comparing notes this afternoon it transpired that a colleague and I were both awake at 5am today thinking about IHT and CGT-how sad is that?

At a Tax Club Meeting first thing -8am not 5.30 am!!- we tax lawyers and accountants present decided there was still plenty of work for us-still plenty of "life in the old dog" ie advisory mileage in relation to IHT and CGT

I then walked in to the office to be met by the "doom and gloom" merchants in my department -pessimism is a necesssary trait for Wills Probate and Tax Lawyers (you know-the only 2 certainties in life ?..death and taxes). Equally I hate negativity!!

"No" I protested "there is still loads of mileage in Nil Rate Band Discretionary Will Trusts!"
I am massively upbeat about the new opportunities facing us Tax Planners-everyone thinks I'm "on" something and want to know what it was- the truth?-no not wacky baccy -just positive thinking-as one door closes etc etc...

So to convince everyone/put my money etc etc I have spent more or less the whole day poring over the HMRC bumph and writing and circulating an Alert.

Were the Parliamentary Draftsmen really burning the midnight oil writing the new Schedule to the Finance Bill covering transferability of the Nil Rate Band on the back of the Tory Conferance commitment to a nil rate band of £1000000 ?....and on the basis that the Government had to do SOMETHING?

I don't really think so-we had been warned by "them in the know" that Gordon had something in his arsenal before he left his previous life.

So tomorrow..another day another challenge!!

Old files are going to have to be dusted down-if they have been kept that is!!

Life don't get any easier!!

And there are still the Realignment of Trusts issues to sort before 6th April!!

Oh and CGT...

Real work to do now..files to read,letters to dictate..

PS: Client Alert on the Latimer Hinks website-any problems shout!

All About Me!

noreply@blogger.com (Anne's Top Tax Tips) — Tue, 02 Oct 2007 11:56:00 +0000

I have been asked by Smiths Gore to speak at a Farming Event in Harrogate on the 8th November.

It is titled - Farming: The Next Generation

It's a conference for farming families and business professionals with practical advice on how to prepare for the next generation in farming.

As a presenter it was requested that I produce a "brief" biography - this is it!

Me on Me

Education: Leeds Univeristy - LLB (Hons) degree
Trained in Leeds from 1973 - 1975
Qualified and joined Latimer hinks in 1976
Became Partner in 1978 and Marketing Partner in 1998

As a farmer’s daughter with two brothers (both of whom wanted to farm) and a sister it was clear to me from a very early age that the family farms were earmarked for the boys- I was going to have to “get on my bike”!

Directed by an incredibly forward thinking, well-educated headmistress at Richmond Convent I graduated in Law from Leeds University in 1973 and stayed in Leeds and trained and qualified as a solicitor in 1976. I joined Latimer Hinks that year as a newly qualified solicitor- female solicitors were extremely “thin on the ground”/something of a novelty- especially those with a special interest in agriculture. Thirty one years on I am still at 5-8 Priestgate, Darlington specialising in Agricultural Work, Wills, Trusts, and Tax Planning, responsible for a team of sixteen (growing year on year- the team that is!).

With a special interest in and some knowledge of the agricultural industry I have perhaps been able to provide “added value” in the context of advice provided to the agricultural community. I appreciate the special relationship as between the farmer and his land and enjoy the challenges presented in the context of farmers looking to plan for succession.

My specialisms are: Wills, Trusts, Tax Planning, Agriculture, Succession Planning, Pertnership Agreements...

Chambers on Me

The Chambers UK Guide is an annual publication ranking solicitors and barristers in over 60 specialist areas of law. Chambers have “Top Ranked” me.

2006— The “well known and respected” team acts for farmers on a full range of work, from major matrimonial matters to widespread diversification, including wind farm agreements. Clients reported that these lawyers are “on the ball” and praised their high levels of responsiveness. The firm continues to foster good land agent relationships, ensuring work on landlord and tenant issues. Anne Elliott is a “switched on” practitioner who has developed a good following, particularly among tenants.

2007— The eight-partner practice in Darlington acts for farmers and landowners in the region and beyond. The firm is enjoying a buoyant farming and estates market and demonstrates a commercial ethos through it’s comprehensive service including diversification and environment specialisms. Private Client and Agricultural lawyer Anne Elliott focuses on IHT, CGT planning and gains respect for her “down to earth approach, an important quality for farming Clients.”

Nothing like blowing your own trumpet!

Charity Awards for Unsung Heores

noreply@blogger.com (Anne's Top Tax Tips) — Thu, 27 Sep 2007 11:22:00 +0000

Latimer Hinks and Horwath Clark Whitehill are sponsoring the FIRST County Durham and Tees Valley Charity Awards.

The awards are aimed at recognising and celebrating the individial volunteers and fundraisers who give their time and energy to local charities.

We hope that people will nominate both their favourite charity and the inspiring people who work selflessly behind the scenes.

There are an amazing number of people in the region involved in the charity sector, from fundraisers and charity workers through to volunteers and business supporters and it is for these people the awards are intending to gain recognition.

We are all aware of the ‘grass roots’ work that is being carried out in communities across the region by local charities often operating under severe financial constraints and with little recognition.

These awards are an opportunity to promote the region’s vibrant third sector, and so we would encourage local charities to consider making an application for these awards – as the old saying goes, you’ve got to be in it to win it! - so please pass this message on.The work of the charities, within the TS, DL, DH, SR and YO postcode areas, will be acknowledged.

The ceremony will be held at Hardwick Hall Hotel, Sedgefield on November 1st.Anyone wishing to complete a nomination form should email caroline.walker@recognitionpr.co.uk or call 01325 363436. Full details are on the website http://www.durhamteesvalleycharityawards.co.uk/

Deadline Looming - the end of Enduring Powers of Attorney

noreply@blogger.com (Anne's Top Tax Tips) — Tue, 18 Sep 2007 11:47:00 +0000

Just to remind you that Enduring Power of Attorneys are to be replaced with Lasting Powers of Attorney. See here

An Enduring Power of Attorney (EPA) is a legal document which i think of an a sort of insurance policy. I say now, who i want to deal with my financial affairs if in the future i can't deal with them personally.

From 1st October EPA's can no longer be made. However, EPA's in place at 1st October will be operative.
LPA's are more expensive and lengthier.

At the moment an EPA may cost around £110 + VAT for single, £200 + VAT for double.

For an LPA estimates from lawyers vary - the figures i've heard are between £700 + VAT + £1500 + VAT.

Here I explain why you should arrange a Power of Attorney asapnow - you could save alot of money and provide yourself with peace of mind.

Sticky Situations with Wills

noreply@blogger.com (Anne's Top Tax Tips) — Wed, 01 Aug 2007 08:02:00 +0000

I was up at 6.30 today watering the garden-yes I was-lately we in the NE haven’t had that much rain .

Coffee in hand feeling more alert than usual I went in to watch the news and glance at the paper-both had features on the myth of the Common Law Spouse-or should it be Common Law Spouse or Civil Partner? Or is CP a contradiction in terms?-all very confusing…

Anyway I got to reminiscing about 1 or 2 of the really sticky situations that I’ve had to deal with -the separated husband who never divorced his wife living in 20 year relationship with his partner dying without a will-children from the marriage and from the relationship.

Then there was the couple who lived together for 40 years but never married-they had no children/no will but ”droves “of cousins surfaced when the “husband” died –the “wife” had taken her partner’s name and even I thought they were married-he had an enormous suspicion that making a will would make him die sooner-I couldn’t persuade him otherwise!!

It is a “no brainer”-although I hate that expression-everyone should make a will- particularly today when we have such complex family situations!!

My first will was signed as I left on honeymoon-the witnesses thought me very macabre-perhaps I should offer a new service for newly weds/new civil partners- I’ll be there to see you sign your will as you skip off on honeymoon as the disco plays “Oh, I’m going to Barbados”..

So…..DIY Tesco or Solicitor- made Wills ?

Are you tidying up the garden or is it a landscaping/re-design job?

Wills can be minefields-and usually are where there are living together situations/ 2nd/3rd marriages and/or relationships.

Oh and then there are tax issues!

What you really need is a good friendly lawyer well qualified AND a specialist in this field-and the first thing he/she should do is sit down and talk to you about you/your family/your hopes for them-you don’t want a “stuffed shirt” who talks jargon at you.

ACT NOW - Enduring Power of Attorney vs Lasting Power of Attorney - Deadline FAST Approaching!

noreply@blogger.com (Anne's Top Tax Tips) — Wed, 25 Jul 2007 13:38:00 +0000

I thought that i would take the opportunity to "flag up" a deadline that is fast approaching.

An Enduring Power of Attorney (EPA) is a legal document which i think of an a sort of insurance policy. I say now, who i want to deal with my financial affairs if in the future i can't deal with them personally.

What is an EPA - An Enduring Power of Attorney (EPA), is a legal document that enables someone (the donor) to appoint one or more persons (attorney(s)) to manage their financial affairs and property, either now or in the future - and crucially whether or not you are or are not mentally incapacitated.

If you do not have an EPA If you become ill or metally incapacitated and have no EPA, no-one can act on your behalf unless they first went to Court and are appointed "Receiver" for you - all a matter of a lot of time and a lot of expense.

Don't think your spouse and children can act for you without an EPA - in the case of mental incapacity and no EPA - they can't, not without court intervention.

From the 1st October Enduring Powers of Attorney (EPA) can no longer be made. Instead they will be replaced with a revised type of power called Lasting Power of Attorney (LPA). BUT EPA's inplace at 1st October will be operative!

The LPA's will be more expensive and lengthier. At the moment an EPA may cost you around £110 + VAT for a single and £200 + VAT for a double. The cost of the LPA will depend on who prepares the LPA. Estimates from lawyers vary - the figures i've heard vary between £700 + VAT + £1500 + VAT.

Click here and i explain why you should arrange an EPA asap

Inheritance Tax Podcast

noreply@blogger.com (Anne's Top Tax Tips) — Wed, 25 Jul 2007 08:13:00 +0000

My team of private client solicitors decided that a stint in front of the camera was required.

We therefore developed a podcast for our Inheritance Tax Planning Unit which we wanted to use to explain in layman terms what Inheritance Tax is all about - and how you can possibly avoid it!

The results can bee seen here. I must say i am NOT happy in front of the camera (and this probably shows) BUT the other members of my team were excellent.

I hope you like it