Northern Ireland farmers encouraged to make death bed tax plans

By Lenore Rice

Specialist rural accountants have encouraged farmers in Northern Ireland and the rest of the UK to seek advice in respect of inheritance tax and capital gains tax in order to save hundreds of thousands of pounds.

Accountants Old Mill say more farmers need to begin death bed tax planning to alleviate some of the stress that comes with terminal illness, and to save significant sums of money in inheritance tax and capital gains tax. The accounts say farmers in Northern Ireland and the rest of the UK should take advice on how to use transfers between spouses and carefully constructed Wills to reduce capital gains tax obligations in the event of death.

Catherine Vickery of Old Mill accountants says it is also important to make sure existing Wills are updated to make sure they do not lose the benefit of the new Residence Nil Rate Band relief which was introduced in April. That relief protects an extra £100,000 of the value of your main residence if it is passed to a direct descendant. Speaking of the reluctance of many adults in Northern Ireland and the rest of the UK to make a Will, Mrs Vickery says death bed tax planning can be "emotive to discuss", but that "a tax saving on this scale can prevent further distress for families who might otherwise have to sell assets to fund tax bills."

If you require legal advice from a solicitor specialising in Will writing and tax planning in Northern Ireland, contact Wilson Nesbitt in Belfast or Bangor by clicking here.