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Cattle farming family, son, father, mother and two daughters in farming clothes

Succession Planning

Start the conversation about handing down the farm

Farm Succession Planning Service

When your farm’s been your life’s work, nothing is more important than finding the right pair of hands to take over the reins.

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).

How it works...

1. Getting to know you

We'll build a detailed picture of your farming business, financial plans and aspirations for succession and inheritance planning.

2. Bringing together ambitions and expectations

If required, your Financial Adviser can facilitate family discussions to ensure that everyone's views and objectives are brought to the table.

3. Recommendations Review and Report

Following detailed analysis, your Financial Adviser will take you through a range of options, covering: 

  • What you need to achieve;
  • Your current situation, and any considerations regarding your objectives;
  • What actions you can take to achieve your goals, which may include contacting your accountant or solicitor;
  • Where appropriate, which financial products could help you achieve your goals.

This discussion will naturally raise further questions which your Financial Adviser will be able to address before fine-tuning your personal report.

4. Supporting conversations with other experts

Your Financial Adviser can support initial conversations with your accountant or solicitor, to help explain the situation and ambitions.

5. Implementation

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.

Things to Consider

Inheritance tax (IHT)

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. Or alternatively for an easy to digest fact sheet and for information about tried and trusted methods to reduce or mitigate inheritance tax fact sheet.

Agricultural Property Relief (APR)

Agricultural Property Relief can reduce the amount of Inheritance Tax payable on farmland, farm buildings, Farmhouses and farm cottages. For an easy to digest fact sheet.

Business Property Relief (BPR)

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. For an easy to digest fact sheet.

Capital Gains Tax (CGT)

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. . For an easy to digest fact sheet.

Down-to-earth, Practical Support

NFU Mutual Financial Advisers will help you have a conversation about handing down the farm fairly, appropriately and in a tax efficient way.