The number of farm buildings in England being converted into homes has declined. That’s according to a recent survey, which shows that fewer people are likely to take on ambitious building projects in rural areas, partly in light of the Brexit vote, but also because of the increase in stamp duty on second homes, as well as agricultural land restrictions. The general feeling, as indicated in the report, is that funding is also not easily available to those looking for a grand country house lifestyle, and this too is hampering the number of people likely to undertake barn conversions.
At Beavis Morgan, our Landed Estates & Rural Businesses specialists offer specific expertise on many aspects of landed estates and their associated rural businesses. Some examples of how we have helped include:
– Advice on moving assets to the next generation through the use of companies, trusts and other special purpose vehicles
– Restructuring of trading entities on the estate
– Protection of estate name
– VAT planning on farm buildings and listed buildings
– Advice on restrictive covenants
– Capital taxes planning, including mitigating exposure to inheritance tax and capital gains tax on chattels and land
For further information, please contact Barrie Dunning or your usual Beavis Morgan Partner.
Our partner business, BM Structured Finance, is also available to assist with sourcing finance. We match the most suitable products to each individual circumstance and work together to ensure compatibility and satisfaction. Contact Simon Belton for more information and to discuss your funding requirements.