1Inheritance tax first
Since 6 April 2026, 100% agricultural and business relief is capped at £2.5 million per person; above it the effective rate is 20%, payable over ten years. A 300 acre farm with a house and machinery sits near that line. A field with development value sits far beyond it: the development premium is outside agricultural relief, and business relief above the cap is only half. An owner who dies holding a field the market now values at £16 million can leave the family a tax bill on money they have never received. Selling the field, or settling who owns it before its value is visible, is how that problem is avoided. Advice first, agreement second, application third.