Inheritance disputes involving family businesses, farming families, and landowners

The inheritance tax changes affecting farming and family businesses continue to generate significant uncertainty for business owners, families and their advisers. As clients increasingly seek advice on succession planning and wealth preservation, practitioners must understand both the tax implications and the wider legal issues that arise when a key stakeholder dies.

This webinar will examine what happens on the death of a partner, LLP member or company shareholder, and the practical impact this can have on the business, the estate and the next generation. It will explore the importance of written agreements, the role of personal representatives and beneficiaries, and the common disputes that can arise if planning has not been undertaken in advance.

Combining legal, practical and strategic considerations, the webinar will help practitioners identify risks, protect estate value, maximise available reliefs and advise clients on effective succession planning for farming and family businesses.

Topics covered include:

• Corporate structures: partnerships, LLP’s and private limited companies
• Impact of death on corporate structures
  • Partnerships and death
    • Partnership Act 1890
    • Partnership agreement
    • Morton v Morton [2023] EWCA Civ 700
  • LLP’s and death
  • Private limited companies
    • Death of sole director or shareholder
• Common areas where disputes arise:
  • Partnership property and assets
  • Calculating value at death
  • Partnership or company accounts
  • Debts and LLPs
  • Clawback of debts
  • Making decisions about the business
• Can a member/partner’s share be gifted?
• Sums due to an estate and devolution of title
• Estate’s liability for business losses
• Relevant relief for inheritance tax: APR and BPR
• Lifetime and estate planning:
  • Losing capacity
  • Lifetime gifts
  • Diversification of assets and income
  • Other potential claims
  • Changes arising under the Autumn Budget in 2024 and 2025