The UK’s Tenant Farmers Association (TFA) has launched a new campaign on Farm Business Tenancies (FBTs), aimed at more than doubling the average length of term offered by landlords on FBTs. According to TFA National Chairman Stephen Wyrill, farm businesses need long-term security to ride out economic storms, and to service the borrowing necessary to support business development.Wyrill said that landlords have gained considerably from recent legislative changes, and, in particular, a 100 percent Agricultural Property Relief from inheritance tax (IHT). Under the scheme, landowners can pass on some agricultural property free of IHT, either during their lifetime or as part of their will. Qualifying agricultural property is classified as land or pasture that is used to grow crops or to rear animals intensively.
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