Fiona and I recently attended a Rural Finance and Law update at The Forfar Mart, following an invitation from Thorntons Solicitors.
One area of particular interest covered during the evening was the importance of health and safety procedures in an agricultural environment, both with a view to preventing accidents and how to deal with when they do occur. Farms of course have a number of responsibilities in relation to health and safety, as well as reporting requirements depending on the serious of any incident on the farm, determined by the Health and Safety Executive.
Family tax planning, including succession planning, wills and inheritance tax were also covered. This is an area Murray, Taylor are reviewing with a number of our agricultural (and other) clients at the moment. It is vital farming families check their affairs are in order, both from the point of view of ensuring assets are passed down the line to the relevant family members, and that in doing so any tax liability is minimised. We would be delighted to discuss this further with any of our clients.
Andrew Stirling F. C. C. A