SCOTTISH Land & Estates will host its popular annual taxation event, aimed specifically at those running land-based businesses in the rural sector, on Thursday 29 November at Perth Racecourse. The event will feature presentations from sponsors Chiene + Tait Chartered Accountants and leading private client solicitors Turcan Connell.
Farms and estates are first and foremost businesses, often run by a husband and wife or cohabiting partners. As expert speakers will explain, if a marriage or partnership breaks down, the impact falls not only on the couple’s personal assets but also the business itself and a lack of proper contingency planning can result in damage to an entire family estate.
Gillian Crandles, family law and divorce specialist at Turcan Connell, said:
“We are seeing a sharp rise not only in prenuptial agreements but also in pre-cohabitation agreements. These are becoming increasingly important as a result of more claims being raised by former cohabitants within a year of separation. It is therefore no longer simply divorce that proves a challenge for those with rural assets. Wealth protection planning is growing ever more popular as the law is changing regularly in this area, often to enhance the rights of the less wealthy party. Where farms and estates and the family legacy often associated with these is concerned, reaching agreement on protecting family wealth and business assets as early as possible has never been more important”.
Ian Clark, Partner at Turcan Connell added:
“We will also be discussing how to protect the family estate against potentially ruinous claims from the taxman. Inheritance tax planning should be high on the agenda of any estate meeting, and it is imperative that IHT reliefs are maximised.”
Helen Mackenzie, Tax Partner at Chiene + Tait commented:
“We are currently experiencing an interesting time in the world of tax – with the Scottish referendum just round the corner and the SNP vying for positive messages, there are lots of items we could cover during the Scottish Land & Estates conference. With a raft of proposed tax changes, others being withdrawn under much public scrutiny and statutory deadlines with the accompanying penalty regime still as stringent, there has never been a more important time to gather ideas to get the best tax treatment for diversified businesses. This all points to the Scottish Land & Estates tax conference confirming its place as a key event for all Scottish landowners.”
Neil Norman, Chiene + Tait Corporate Tax Manager added:
“With the number of tax breaks currently available for start up’s, in some instances it could be argued that the government is paying businesses to be enterprising. Although banks are reluctant to invest in new opportunities there are resources and support available to those who want to harness their entrepreneurial spirit.”
Scottish Land & Estates Legal Adviser and event host, Richard Blake, said:
“There will be experts on hand to explain and answer questions on all key aspects of tax planning and general tax issues as they affect those with a vested interest in the agriculture and land sectors. While it’s something many wish to avoid thinking about, at the end of the day we ignore tax obligations at our peril. Knowledge is power and we would encourage anyone with a land-based business to come along and take advantage of this invaluable event”.
The taxation event begins at 9.30am opening with registration and refreshments and will finish at around 2.00pm following lunch.