Shropshire Farming Talk: I am worried about my Inheritance Tax liability following the budget. What should I do?

Emily Regimbeau, of Agricultural and Rural Affairs at mfg Solicitors, responds: "The government hasn’t yet launched their technical consultation so it’s not entirely clear how the proposed new rules will operate. This means it may be unwise to make any decisions until more detail is available. 

"There are, however, some actions you can take to prepare and get your paperwork in order. This includes being clear on whose name the land is in, checking whether there are any mortgages, registering any unregistered land and checking to make sure any unwritten land occupancy or partnership agreements are formalised. It is also important to have conversations with your family about succession planning. 

"Doing this pre-work, which should be undertaken closely with your professional advisors, will give you a head start and a clear picture. 

"It means that if you do choose to gift or sell land, or even remortgage, you will be able to move quickly as there will not be any hidden surprises which could potentially slow a transaction down."