Case Study: Farmer JH
At Chalmers HB, we ensured that Farmer JH didn't make decisions in the dark, he was guided through all the consequences, most notably inheritance tax and capital gains tax.
We worked with JH to establish details of ownership, various costs and farm financial history. We helped establish a framework that enabled JH to mitigate tax as far as possible.
Foresight planning is all-important in such cases and we had to talk through the various financial implications of a number of scenarios: what would happen if JH died before the handover was completed? What would be the fiscal impact if JH's son's marriage broke-up?
When we had explained the various what-ifs, we agreed a plan of action with JH and dealt with the tax issues, referring onto solicitors to complete the legal niceties.
JH is now enjoying a much-deserved retirement and has the peace of mind of knowing that he kept a viable business in the hands of his family.