Succession Planning

We appreciate the importance of succession planning within Agricultural businesses, without a plan in place, the future success of the farming business, which has often been in the family for generations, might be placed in jeopardy.

We understand the nature of modern farming businesses, and the potential exposure to Inheritance Tax ("IHT"), and can help you to put a plan in place to reduce the liability over time by way of lifetime gifts or changes to the structure of the business. We can analyse the IHT position and fully utilise the attractive IHT reliefs of Agricultural Property Relief ("APR") and Business Property Relief ("BPR") that are available.

Specialisms
Relevant Experience
  • Advising a large number of landed estates in the south west and nationally in relation to all property, trust and estate matters.
  • Advising the executors of a valuable estate comprising a number of different property and business elements (both trading and investments activities) on all aspects of the administration of the estate, including the arguing the “Balfour Principle” to secure BPR on the non-trading/investment elements of the business.
  • Advising a farming couple owning a large farm, commercial properties and residential lets in relation to the drafting of their complex wills to ensure fairness in the distribution of their estate between their farming and non-farming children and also drafting the wills to utilise the availability of APR and BPR on the first death.
  • Advising a rural business in relation to the review and amendment of the shareholders agreement and working with their accountant and financial adviser to implement insurance backed cross option agreements to ensure the succession of the business in the event of the death of a shareholder. In the same case also acting for the shareholders in relation to the preparation of their wills to ensure the wills were tax efficient and consistent with the shareholders agreement.

Key Contact

Darren Blackburn

Partner

[javascript protected email address]
+44 (0)1884 203049


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