Farming and IHT

There are approximately 300,000 active farms in the UK. In 2007, around a third were run by people aged over 65. While it is true that life expectancy for farmers is still below other occupations, it has nonetheless been increasing. But, unlike other occupations, farmers are under an obligation to work up until two years of their death in order to ensure they qualify for 100% of ‘their’ IHT relief. These rules really do mean an 80 year old who has made prudent IHT planning must continue to work otherwise their plans may be worthless. It is therefore essential that farmers receive lega...