Farm taken over after inheritance tax issues

New management has taken over a Faversham tourist attraction after its owners were troubled by inheritance tax expenses, a case which highlights the importance of inheritance tax planning.

Thisiskent.com reported that Farming World's owners plan to reopen it by Easter now that it has been taken over by Georgina Watson and her partner Darren Watson.

Last year it faced closure when the owners felt that they had to sell as a result of inheritance tax problems. However, Ms Watson, whose mother Maggee Johnson previously owned the open farm, is now running the operation, which aims to reopen on April 2nd this year.

"We decided that we're going to try and keep it and hope we'll make enough money to continue. It's nice to know we can carry it on and provide an educational and fun place for the local community. And it means I still have a job for another year at the least," Ms Watson said.

Although Farming World is no longer for sale, the family is selling its £2.5 million home, Nash Court, and a ten-acre cherry orchard.

In addition, Cityam.com recently said that people can reduce the inheritance tax their loved ones have to pay by granting children a £5,000 gift if they get married.