How to structure an agricultural business
There are a number of options for agricultural business structures, such as farm partnerships, which include both family and commercial farming partnership agreements, agreements entered into by partners carrying on a farming business with a view to profit; share farming agreements, which involves separate parties sharing rights and obligations leading to shares in gross returns, and contractor agreements between landowners and contractors.
Specialist agricultural advice
There are also other areas where specialist advice is needed, such as employment rights, service occupancies and the occupation of farm cottages; security of tenure for farm cottages; the grant of easements for access and/or services across retained land; rights of way which can be both public and private. Owners of agricultural land, more recently, have had to consider other issues such as whether the they are affected by the siting of masts on their property, and how to deal with those, and whether their property is affected by English Heritage and the Sites of Specific Scientific Interest legislation.
Inevitably, tax is also a major consideration to be factored in. The main areas are Inheritance Tax, which includes agricultural and business property relief; the creation of trusts; Capital Gains Tax and VAT which also comes in to play with sporting rights.
Landed estates, farms, bare agricultural land, woodland and sporting rights all fall within the ambit of agricultural and rural law. Buying and selling land is increasingly common as urbanites move to the country for a new life. However, buying and selling land is not as simple as buying or selling your house.
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