ARTICLE · 07 JUNE 2021

Succession Planning For Farmers

Rix & Kay

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Succession planning for farmers is a hugely valuable exercise that should be undertaken and one that can save significant sums of money.

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Succession planning for farmers is a hugely valuable exercise that should be undertaken and one that can save significant sums of money.

Many farmers say that they never want to retire and stop farming. Maybe this is just because farming is in their blood but it is also an obvious way to ensure the family benefits from valuable tax reliefs. This is an essential and well used path for succession planning for farmers, with both Agricultural Property Relief and Business Property Relief potentially available against inheritance tax upon death - if the farmer is still farming at the date of death.

Along side this or as an effective alternative, it is vital for famers to put in place plans for succession rather than to do nothing and to leave everything to be sorted out by the family after death.

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