As a rural landowner, if your property has a prospect of development it may be a once in a lifetime opportunity for you. For the developer or promoter you join up with, it may just be business as usual.
With this obvious disparity it is crucially important that your position as landowner is looked after by an experienced solicitor whose loyalty is exclusively to you.
As time goes by, both the nature of promotion or option type agreements and the tax law relating to them become increasingly complicated. Further complications arise if two or more landowners bring their land together in a single scheme.
Our wide experience can help put a complicated (often 40-60 page) agreement together maximising the landowner’s involvement and possible return, while minimising future uncertainties and risk of unexpected adverse tax consequences.
Without specific protection it is all too easy for you as a landowner expecting to be taxed on what you see as a capital gain (current rate 28%), to find that you are being taxed as if it were income (current rate 45%). It does not take many acres for values (and tax bills) to be in the millions.
We will be considering and advising you on your position at all stages of the overall scheme. Furley Page’s support – working closely with your own tax adviser – can save you money and make you money.
We would be involved with you and exclusively for you in the following stages of a typical multi-landowner promotion agreement: