Ep. 27 Experts in the Field: Tax, succession and the commercial equation of natural capital
In this episode of our new season focusing on natural capital, our experts discuss how commercial success can be achieved through efficient tax and succession planning tailored to landowners' long-term goals.
The Farms, Estates & Rural Land team at Foot Anstey bring you the next episode of the firm's popular podcast series which provides insights and practical advice on important issues for agriculture and rural business.
Partner and Head of Farms, Estates & Rural Land, Edward Venmore is joined by Partner and Head of Foot Anstey's UK Succession & Tax team, Anna Parker, to discuss the commercial dimensions of natural capital, and how tax and succession necessarily takes centre stage.
Edward and Anna are also joined by Sam Kirkham, Partner at Albert Goodman's Farms and Estates team. Sam regularly advises farm owners and other business owners on CGT and IHT planning matters, and on the business structures that best complement tax and succession plans.
What's in this episode?
Uncertainty in the UK Government's tax treatment of natural capital schemes has impacted landowners' appetite for entering them. Our experts dissect this recent phenomenon further and examine the new opportunities in natural capital that have been created by the changes made to Agricultural Property Relief in the 2024 Spring Budget.
Anna and Sam also delve into the various factors that landowners would be best-placed to seek detailed tax advice on. This includes the basis on which land is owned, the nature of the contract concerned, and the payment structure that applies to the scheme.
As natural capital schemes involving terms that exceed 30 years are not uncommon, our experts discuss the steps that landowners can take to determine whether such an extended commitment is suitable for them. Paramount among these is conferring with the next generation to understand their outlook on managing a natural capital scheme in the medium to long-term, and on how a potential natural capital proposal will fit with succession plans for the family and wider business.
Podcast Speakers
Useful resources
- Farms, Estates & Rural Land team: Farms, Estates and Rural Land | Foot Anstey
- Natural Capital: Natural Capital | Foot Anstey
- Succession & Tax team: Succession and Tax | Foot Anstey
- Albert Goodman: Albert Goodman Chartered Accountants | South West England
- Web article: Natural Capital - Tax Implications
Access all the previous episodes our podcast via our dedicated Experts in the Field podcast page.
Get in touch
We'd love to know what you thought of this podcast episode, as well as any of the other episodes in our series! We'd also really appreciate any ideas you had on future topics you'd like us to discuss. Please do reach out and we look forward to hearing from you!
