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  • Farms, Woodlands & Estates

    For most, farms, woodlands and estates might not be the first thing that leaps to mind when one thinks of potential investments. But over the last 10-15 years, those who have invested in the same have, in many cases, seen strong returns. But equally, such assets can and do form the part of long-standing family assets, and therefore attention to the same is required in order to preserve accrued family wealth.

    Review your position

    Is your farm, woodland or estate held in the optimum way to ensure you pay the right amount of tax on your assets?

    Maximise returns on sale

    Numerous tax reliefs may exist on the sale of your farm, woodland or estate to a third party. Have you structured your holdings correctly to ensure maximum availability of relevant tax reliefs?

    Protect family wealth

    Naturally, your farm, woodland or estate will form a major part of the value of your assets. Are you confident that this will pass to your successors in a tax-efficient manner?

    How can we help?

    When presented with a taxpayer who owns a farm, woodland or estate, the question we tend to pose to them is ‘what are your long-term ambitions’? As such, there can be a range of responses to the questions below, or a mixture of a few: – 

    • Is there potential to obtain planning on all or part of the site concerned?
    • Is this an asset that you would intend future generations to take control over?
    • Is the intention to hold the asset for the long term and reap annual returns?
    • What inheritance tax relief is available as things stand? How might this be improved?

    We are comfortable in advising clients who are faced with one or more of the conundrums posed above as there are several tax considerations.  The tax position and specifically the CGT position, on the sale of a such an asset can be quite complex. In certain circumstances, any sale is exempt from CGT. The sale of the land itself, however, does not benefit from any such relief. It is also quite possible that any gain might qualify for, say, Entrepreneurs’ Relief or Holdover Relief where the asset is sold as one entity. If there is a sale of the land with a standing business then, for VAT purposes, this is an exempt supply. There are a number of potential IHT reliefs that might be in point. However, assessing which, if any apply, is not always straightforward. If the farm, woodlands or estate has been owned for a two-year period then a taxpayer might benefit from Business Property Relief or Agricultural Property Relief.  A further feature of a farm, woodland or estate is that it would be generally suitable (merely from a tax perspective) for holding in a registered pension scheme. This means a taxpayer could hold in their SSAS or SIPP to plan for their retirement.

    Whatever might be the case, without expert help, valuable reliefs may be lost.

    Get in touch with us today

    Call or email us any time or, simply fill out the contact form below and a member of our team will be in touch.

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    Please provide as much detail as possible in regards to the reason for your enquiry so our tax advisers can prepare and tailor their response to reflect your needs. We will endeavour to - respond / call you back - to discuss your enquiry and you will not be charged for this time.

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