Preparing for the future - succession planning in agriculture

The seminar, which focused on the challenging issue of preparing farming businesses and estates for the future, gave the group of landowners, farmers and consultants a well-rounded insight into practices from both a legal and accounting perspective. Ellacotts LLP joined Thrings and BIAC as the main speakers at the seminar.

Topics covered ranged from how property and other assets should be held by businesses, wills in a business context, succession tenancies and what can go wrong if there is inadequate succession planning. Real life cases brought the discussions alive, including last year’s high profile £1.3m win for Eirian Davies, dubbed by the press as the 'Cowshed Cinderella’.

Participants were keen to delve into the issues, seeking further advice on matters such as how to deal with succession in a partnership structure. Another hot topic was the development of strategies for bringing in the next generation which, if addressed early, can bring considerable advantages - beyond just potential tax savings.

For more information on the event, which took place at the NAEC in Stoneleigh on 13 September, please refer to the event flyer.

Looking ahead, Thrings is sponsoring BIAC’s National Rural Planning Conference for the fourth year in a row, taking place on 6 October at the Williams F1 Conference Centre, Wantage, Oxfordshire. Agricultural stakeholders, including chartered surveyors, planners, landowners and farmers will gather at the revered annual event, where they will have the opportunity to listen to and connect with Thrings’ Alex Madden and Helen Rumford on planning and renewables.

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