Agricultural Solicitors delivering practical legal solutions
Farming lies at the very heart of our region and the family at the heart of farming. Although farming more than most businesses is at the mercy of forces of nature and environmental change, it remains a fundamental and constant part of the economy of East Anglia.
The business which farming families rely on is not just a livelihood but a way of life which needs to be passed on from generation to generation in good and vibrant health. This is all against the backdrop of high land prices, massively fluctuating crop prices, uncertain input costs, ever changing payment schemes and a tax regime which doesn’t encourage diversification and development.
With our depth and breadth of expertise, we are not only able to provide the expert advice and support required for all aspects of the farming business, whether by way of land transactions, single farm payments, planning, diversification and development or energy provision, but also how all of these varied and often conflicting elements of the modern farming business can be fitted together in one overall planned strategy.
Planning and structure are fundamental not only to the farming business remaining profitable but also to ensure that the family can pass the farming business on to the next generation without it being damaged by tax or family conflict. HMRC are always looking to attack the benefits of Agricultural Property Relief and we have the tax planning expertise to ensure that unnecessary tax is avoided and to help the family retain and manage the business which is fundamental to the livelihood of the family as a whole.
Farmers Weekly Webinar
The end goal of any farm succession plan is to take care of the family and bring them together while making sure that the business continues to thrive. This is the gold standard but what real challenges do families encounter across the UK when going through this process? What can be done to smooth the path and keep everything on track and on side? Agricultural law specialist, Jeanette Dennis, is a guest speaker and panellist on this Farmers Weekly webinar to discuss the many aspects of succession and address some of the key issues:
- Speaking to your family plainly and truthfully is a skill. Learn how to open the discussion, ask the right questions, negotiate and find appropriate ways of communicating
- It’s important to plan for but not to be driven by tax considerations
- Take stock of the health of the farm business before you start the journey
- Think of all possible avenues to succession – there may be solutions that are not immediately obvious
- Succession is about far more than transferring assets– clear plans should also be for a successful and practical handover.