Many professionals will be familiar with partnerships and how they work
but few will truly understand the nuances and complexities of a farming
partnership. In the past this may not have mattered but with high values
of land and an increasingly elderly farming population, the risk levels
for advising in this area of the law have increased significantly.
Recognising the key problems that many farming families face, the need
for commerciality and succession planning, this book explores the
practical legal issues through a number of topics centred around the
different aspects of a farming partnership. All farming partnerships are
tailor-made to meet the specific circumstances of the client. The
purpose of this book is to give an overview, with practical examples, of
the main issues that you may come across. Whilst it does not have the
scope to consider all the case law in relation to partnerships in
detail, it does provide the main points, guidelines and strategies to
help and support all those involved in advising on farming partnerships.
ABOUT THE AUTHOR
Philip Whitcomb is a private client partner at Moore Barlow LLP. He acts
for a large number of farmers and landowners and specialises in advising
on succession planning and the structuring of farm businesses. His
approach is to give practical and workable solutions to clients taking
into account their circumstances and particular needs and wishes. Philip
is a Fellow of the Agricultural Law Association and a member of the
Country Land and Business Association. He regularly lectures nationally
to professionals on capital taxation, Wills, trusts and farming business
structures. As well as being on the editorial board for Farm Tax
Briefing and a contributor to Stanley's Taxation of Farmers and
Landowners.
He enjoys gardening and antique collecting and lives in Dorset with his
wife, Alison.
CONTENTS
1. Partnerships in the Farming Context
2. Formation of a Farming Partnership and the Need for an Updated
Agreement
3. Property and the Use of the Land Capital Account
4. General Capital and Finance
5. Division of Profits and Losses
6. Management and Decision Making
7. Death of a Farmer
8. Succession Planning of the Family Farm and the Use of Partnerships
9. Capacity Issues and the Elderly Farmer
10. Dissolution of the Business
11. Stamp Duty Land Tax
12. IHT & CGT
13. The Use of Limited Partnerships and Limited Liability Partnerships
14. Income Tax
