The pitfalls of succession planning in the farming sector

One of the biggest concerns that any farmer could eventually face is when they decide to pass on their farm to the next generation.

In practical terms this may be easy enough to arrange, but the family succession plan needs to be carefully thought through. Planning should start as early as possible, because there are a number of tax issues to be considered to ensure the process is a success.

The main issue around making a transfer of assets during lifetime isn’t always inheritance tax, as many might anticipate, but rather capital gains tax.