Succession planning is vital to secure your farm future.
Whether you plan to hold onto your farm business until you pass away, or give it to the next generation during your lifetime, having a plan in place will ensure a smoother transition. Making sure your plans are structured in the most tax efficient way is critical to successfully passing on the farm business.
Agricultural Property Relief and Business Property Relief can help to reduce or even eliminate IHT on farming and other qualifying business assets. There are a lot of potential traps, particularly for diversified farms, so it’s important you get advice from us to ensure you maximise the benefit.