Land Management

Strategic Estate Review

A family sought guidance on how best to hold and manage surplus money. Further discussions revealed a lack of Inheritance Tax planning, so we were commissioned to provide a comprehensive Strategic Estate Review. We assessed their potential exposure to Inheritance Tax, supported by our in-house accountants who applied the Balfour Tests to each element of the business to ascertain eligibility for Business Property Relief. We then reviewed and implemented changes to the partnership structure, incorporating the next generation. What began as an initial, ad-hoc inquiry about cash management evolved into a transformative package of advice on how best to respond to an Inheritance Tax concern. Our fresh outlook has allowed the family to approach the future with increased financial confidence. We have now been advising the estate in regard to its Inheritance Tax liability for the past eight years and have undertaken regular reviews against the Balfour tests. We have also recently prepared a RICS ‘Red Book’ valuation for Inheritance Tax purposes, and are retained to represent the client in any such negotiations with the District Valuer.

image of an agricultural field and some woodland

A family sought guidance on how best to hold and manage surplus money. Further discussions revealed a lack of Inheritance Tax planning, so we were commissioned to provide a comprehensive Strategic Estate Review. We assessed their potential exposure to Inheritance Tax, supported by our in-house accountants who applied the Balfour Tests to each element of the business to ascertain eligibility for Business Property Relief. We then reviewed and implemented changes to the partnership structure, incorporating the next generation. What began as an initial, ad-hoc inquiry about cash management evolved into a transformative package of advice on how best to respond to an Inheritance Tax concern. Our fresh outlook has allowed the family to approach the future with increased financial confidence. We have now been advising the estate in regard to its Inheritance Tax liability for the past eight years and have undertaken regular reviews against the Balfour tests. We have also recently prepared a RICS ‘Red Book’ valuation for Inheritance Tax purposes, and are retained to represent the client in any such negotiations with the District Valuer.