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LATEST NEWS & EVENTS Farmers 'should keep detailed accounts to minimise IHT burden'  Farmers seeking to minimise the amount of inheritance tax (IHT) they pay in the wake of their deaths should keep detailed accounts, it has been suggested. This is according to tips provided recently by the Old Mill, which made its comments during the Royal Cornwall Show. Director of the firm Andrew Vickery stated that many such landowners make the mistake of assuming their estates will be eligible for Agricultural Property Relief from the levy. "However, a series of court cases have highlighted the need for careful planning and documentation," the expert noted. He added that a "key feature" of these legal battles has been a lack of sufficient evidence of farming activity to support the tax returns and accounts they have filed. Under plans that would have affected consumers generally, the Conservatives had planned to raise the level at which IHT kicks in to £1 million, but it was forced to shelve this idea in order to form a coalition with the Liberal Democrats. Posted by Helen Causer 
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