Farmers need financial and legal knowledge

It’s time for farmers to get up to date with legal and financial matters.

Changes in the tax code are stimulating interest in earlier transfer of farms. The trend in land values is having the same effect — having dropped from five years ago, but showing signs of rising again. There’s interest in farming through companies, in order to benefit from the 12.5% corporation tax rate.

A new regulation will prohibit solicitors acting for both vendor and purchaser in conveyancing transactions, with effect from Jan 1.