Money
Our experts
Q&A: Inheritance tax on farms, national insurance
John Husband runs the Money Clinic for Saga Magazine and has been writing about business and personal finance for 40 years
John is on hand to answer your money queries. Here is a selection of your latest questions:
Q. What is the inheritance tax position concerning farms and farm land?
A. Farmland, farm buildings and cottages usually qualify for 100 per cent agricultural property relief where the deceased owned the farm two years before death. But the relief relates strictly to their value for agricultural use only.
You can find more detailed information on the Government's website www.hmrc.gov.uk. For advice talk to an inheritance tax expert such as an accountant or independent financial adviser.
Q. I will reach pension age in January 2010 with a deficient NI contribution record. However, with the change to a 30-year record for women from April 2010, I would meet then this criteria. So should I defer taking my pension until the April to enable me to receive a full pension?
A. That's well worth considering. But the bill has not yet been passed by Parliament so we'll have to wait and see exactly what the rules will be. Meanwhile you should take advantage of the next four years to save as much as you can afford towards a pension before you retire.
Email John Husband your finance and money questions at web.editor@saga.co.uk
