Inheritance tax facts

When a firearm-owning individual dies, the responsibility for those weapons falls to their Executor. Given the strict gun control laws in the UK, failure to handle these firearms correctly can result in severe legal consequences and potential safety risks.

As is often quoted, farming is one of the few occupations where the finances of both the business and the family are intrinsically linked leading to serious implications if either element comes under significant financial pressure. Much has been written and said about how to manage the rising cost of care home fees and the need to liquidate assets to pay them – and nowhere does this resonate more than in the farming world where assets normally mean land – the very thing no farmer wants to lose.

A mother and son created a trading farm partnership which did not include the land. The agreement provided for dissolution of the partnership in the event of one of the partners becoming permanently incapacitated. In her last will, the mother left her share and interest in the partnership to her son but after her death, a dispute arose over whether her share and interest in the partnership was hers to give due to capacity issues.