Start the conversation about handing down the farm
Starting that conversation is never easy, but NFU Mutual's Succession Planning Service can help put your farm succession plan in place. Whether it’s navigating complex issues like Inheritance Tax or planning how to pass over responsibility, we’ll make sure you’ve thought of everything.
We’ve been protecting the farming community for over 100 years and are the UK’s leading rural insurer. We want to help families like yours start talking about the future of their farms so, when the time comes, you’ll know you’ve done all you can to safeguard it.
The following summarises the step-by-step approach of our unique Succession Planning Service (An infographic version of this approach is available to download on this page).
We'll build a detailed picture of your farming business, financial plans and aspirations for succession and inheritance planning.
If required, your Financial Adviser can facilitate family discussions to ensure that everyone's views and objectives are brought to the table.
Following detailed analysis, your Financial Adviser will take you through a range of options, covering:
This discussion will naturally raise further questions which your Financial Adviser will be able to address before fine-tuning your personal report.
Your Financial Adviser can support initial conversations with your accountant or solicitor, to help explain the situation and ambitions.
Once your Financial Adviser has taken you through your personal report, and you have settled on the best course for you, your Financial Adviser will help you turn your plans into action.
It is said, that if you don't plan for Inheritance Tax, your children will pay the price. Our guide will give you an understanding of how Inheritance Tax works.
Agricultural Property Relief can reduce the amount of Inheritance Tax payable on farmland, farm buildings, Farmhouses and farm cottages.
Business Property Relief allows qualifying business to be passed down, without having to pay a large tax bill, but there are some pitfalls to avoid.
Capital Gains Tax maybe due if you dispose of something that's gone up in value. The rules are complex, but careful planning can make a difference to the amount of CGT you pay.
NFU Mutual Financial Advisers will help you have a conversation about handing down the farm fairly, appropriately and in a tax efficient way.