Record turnout for agriculture seminar
A seminar aimed at helping Shropshire farming families to future proof their business attracted a record number of delegates.
More than 100 people attended the annual event organised by agricultural specialists from law firm FBC Manby Bowdler, surveyors Nock Deighton, accountants Baldwins and the Agricultural Mortgage Corporation.
The free event at The Down Inn, Bridgnorth, examined the legal and finance implications of diversification, the impact of Town and Country Planning, taxation, and legal issues in relation to farm tenants and employees.
Andrew Verlander, an Associate in FBC Manby Bowdler’s Litigation department spoke about dealing with difficult tenants and travellers who are trespassing while Amber Bate delivered a session on employment contracts and how they can overlap with residential tenancies.
Rural chartered surveyors Anne-Marie Brettell and Stuart Richards from Nock Deighton advised on the potential for removing agricultural ties and converting old farm buildings to residential units.
Andrew Connah, Regional Agricultural Manager from AMC, made a presentation on raising finance to support diversification and Fiona Wilkinson from Baldwins focused on diversification and how changes of use may affect inheritance tax planning and capital gains tax.
Steven Corfield, FBC Manby Bowdler’s Head of Agricultural and Rural Services, said: “Respective Governments have acknowledged the value of farming and rural industry in the past and have helped farms pass from generation to generation by allowing Agricultural Property Relief and Business Property Relief. But diversification can affect this.
“HM Revenue & Customs is becoming more aggressive with its treatment of the inheritance tax regime in order to squeeze as much revenue as is possible out of the system and farming families quite rightly want to know where they stand.
“This seminar, using a fictional farm and family to illustrate some of the issues that are currently faced by people in agriculture, gave us to the chance to bring the topics to life. The value of attending the seminar is obviously recognised by people, as evidenced by the record turnout.”
For more information about future FBC Manby Bowdler seminars, please email firstname.lastname@example.org or visit www.fbcmb.co.uk.