The following Private Client guidance note Produced in partnership with Alexander Caton of Charles Russell Speechlys provides comprehensive and up to date legal information covering:
A landed estate typically consists of a holding of some hundreds or even thousands of acres of land, held by or for a family over the generations. Within that there is usually some or all of a 'main house', land, farms and farmhouses, agricultural buildings in varying degrees of repair, woodlands, let residential property, small scale let commercial property, sporting rights and in-hand commercial undertakings.
The landed estate was one of the prime targets of Lloyd George’s People’s Budget of 1909 and over time, estate duty (ED), capital transfer tax (CTT) and inheritance tax (IHT) have led to the break-up of virtually all the large landed estates. However, perhaps ironically, IHT now works in a way such that with careful planning it need barely touch a well-structured landed estate.
Some landed estates are held privately with the legal and beneficial ownership of the estate in one person’s hands. Some, particularly where the estate has been held for some generations, are held legally by trustees with a life tenant enjoying the benefit of the property until death or such time as it is thought appropriate to pass the benefit of the estate down to the next generation. Trusts, with their disinterested trustees, have generally proven a good way of balancing the interests of the current generation with the long-term future of
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