Valuation and Estate Planning for Rural Assets
May 2025
Alongside the considerable challenges of income and cashflow facing UK farming, the changes to Business Property Relief (BPR) and Agricultural Property Relief (APR) announced in last year’s autumn budget have caused widespread concern among those looking to the future. The government has proposed that from 6th April 2026 the full 100% relief from Inheritance Tax will be restricted to the first £1 million of combined agricultural and business property. Thereafter, APR and BPR will apply at a rate of 50%.
We have been informed by the government that the £1 million tax-free allowance will be on top of the existing spousal exemptions and nil-rate bands. Therefore, depending on circumstances, farming businesses may be able to pass on up to £3 million before paying Inheritance Tax. Nonetheless, the high value of agricultural land, farmhouses and other assets mean these changes are likely to affect many farming businesses and have underlined the importance of professional advice.
Since the autumn of last year, Greenslade Taylor Hunt has seen an increase in clients requesting valuations of their farms and agricultural land across Devon, Somerset and Dorset to assist with the early stages of estate and tax planning. In these cases, we are able to provide our valuation expertise across a range of rural assets from our offices across the South West. Thereafter, these valuations can form the basis of more extensive discussions with a trusted accountant or solicitor.
Our Chartered Surveyors and Land Agents provide comprehensive support, including Red Book Valuations under RICS standards for precise, compliant assessments. We guide clients on optimising assets, applying APR and BPR, and support in the sale of farms and land to offset IHT.
Contact your local specialist rural agent to discuss your requirements and if you are considering selling then please book a valuation or you can watch a video about our Farm Agency service.
We have been informed by the government that the £1 million tax-free allowance will be on top of the existing spousal exemptions and nil-rate bands. Therefore, depending on circumstances, farming businesses may be able to pass on up to £3 million before paying Inheritance Tax. Nonetheless, the high value of agricultural land, farmhouses and other assets mean these changes are likely to affect many farming businesses and have underlined the importance of professional advice.
Since the autumn of last year, Greenslade Taylor Hunt has seen an increase in clients requesting valuations of their farms and agricultural land across Devon, Somerset and Dorset to assist with the early stages of estate and tax planning. In these cases, we are able to provide our valuation expertise across a range of rural assets from our offices across the South West. Thereafter, these valuations can form the basis of more extensive discussions with a trusted accountant or solicitor.
Our Chartered Surveyors and Land Agents provide comprehensive support, including Red Book Valuations under RICS standards for precise, compliant assessments. We guide clients on optimising assets, applying APR and BPR, and support in the sale of farms and land to offset IHT.
Contact your local specialist rural agent to discuss your requirements and if you are considering selling then please book a valuation or you can watch a video about our Farm Agency service.