Farming Businesses are unusual compared to business in general in that the majority of succession comes through passing the farm down to some or all members of usually the next generation.
The tax structure is geared to try to make this possible with the existence of Agricultural Property Relief.
However there are many trials and tribulations that need to be addressed on the way. These include:
- What will the structure be when passing the farm to the surviving spouse?
- Are all children going to inherit an equal share? Would this allow enough for the farm to survive?
- What about the wives of partners and any problems with divorce?
- Are the farmer and his wife going to retire – if so how can a pension be funded?
Old Mill are constantly dealing with these questions and the many tax complexities that they throw up. This is a specialist area at the core of the Old Mill offering.