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Case Study: Lodders can help, whatever your plans for your land

05/12/2016

Lodders supported a farming client when his land was identified as a potential development site.

When our client (the Farmer) was approached by a land promoter (the Promoter) who suggested he could get planning consent on some pasture land, we were delighted to help. The arrangement was broadly that the promoter would try to get planning consent and if successful the land would be sold and, having deducted the costs of getting the consent, the net proceeds would be shared.

We helped the Farmer negotiate an agreement with the Promoter so that each knew what they had to do; how long the Prompter had to get the planning consent and the basis for any future sale.

However, we also helped the Farmer understand the large capital gains tax charge he would be liable for and worked with his tax advisers to structure arrangements to enable him to claim Entrepreneurs’ Relief to reduce that tax liability, as well as helping him to consider the impact for his entitlements claim.

In the course of the planning process, the local authority required a related S106 planning agreement to be signed. We helped agree its terms so that the Farmer could sign it knowing once the land was sold, he would be released from its liabilities and its terms would not affect any other parts of his farm.

As it turned out, the Promoter was successful in securing planning consent, but only for part of the land. We helped draft documents for the sale which allowed for continued acces to the retained fields; this included rights which would allow that retained land to be developed and accessed through the new development in the future.

Ultimately, the Farmer received his capital sum. We helped him review his will to ensure that arrangements were put in place to ensure that his inheritance tax estate would pass to the next generation as tax efficiently as possible.

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Get in touch

For more information on any agriculture related issue, please contact James Spreckley on 01789 206166 or at james.spreckley@lodders.co.uk