A look at landed estates: Charles Hancock is quoted in CityWealth
Private Client Senior Associate, Charles Hancock, has been quoted in the CityWealth article ‘A look at landed estates’. In the article, CityWealth editor, Ashleigh John, discusses the current trends and concerns for landed estates and their owners with leading industry experts.
A link to the full article can be found here.
Here are Charles’ key updates and observations:
- Diversification and Sustainability:
- Landowners are seeking alternative income sources beyond traditional farming due to climate changes, government policies, and price fluctuations.
- Post-Brexit, the UK government shifted support from the Basic Payment Scheme (BPS) to Environmental Land Management Schemes (ELMS).
- Long-Term Planning and Challenges:
- Landed estate owners are prioritising preserving land and businesses for future generations.
- Complex tax regimes and the fragile social and political landscape are posing challenges for landowners.
- Careful planning, including wills, prenuptial agreements, and strategic structures, is essential.
- Tax Frameworks and Uncertainty:
- Brexit-led schemes focus on environmental stewardship and tax rules like Agricultural Property Relief (APR) have needed to adapt.
- Rural sectors operate amid unclear tax and subsidy frameworks.
- Strategic Advice for Succession:
- Viewing a landed estate holistically, considering family dynamics and long-term goals, is crucial.
- Strategic guidance ensures continuity and preservation for future generations.
For more information on this topic, please do contact Charles directly.