The Farmer Network to hold online meetings on farm tax and succession planning

The changes to Inheritance Tax rules announced in the budget hit the farming community like a shockwave in October. Since then, accountants and tax experts have continued a dialogue on which and how many farming families and other landowners may be affected.

The Farmer Network held an open meeting for farmers last week at Penrith Auction to listen to Farmer Network Chair, Rob Hitch, a farm accountant and tax specialist, run through the rule changes, and what farmers might do to start the process of tax planning and farm succession.  The meeting was also an opportunity for farmers to hear from farm succession “guru”, Heather Wildman about how to discuss the “elephant in the room” and better communicate with family members about succession.

The meeting was filled to capacity with over 100 farmers attending and more who we had to put on a waiting list.  To meet demand for the information, the Farmer Network has arranged two online Zoom meetings in December with more workshops planned for the New Year.  The Zoom meetings are on:

Wednesday 11^th December at 7pm aimed at farmers in Cumbria and Northumberland.  The speakers, Andrew Robinson of Armstrong Watson Accountants and Tom Wills of Sinton’s Rural Services, will run through the proposed IHT tax changes, property reliefs, legal wills and power of attorney, all of which will be relevant in succession planning.

Monday 16^th December at 7.30pm aimed at farmers in the Yorkshire Dales.  The speakers, David Thomas of The Barker Partnership Accountants and Michael McGarry of McGarry and Co Solicitors will be tackling similar themes, and they will be joined by Peter Beresford of the Farming Community Network.

Farmer Network managing director Adam Day who will be chairing the first meeting says, “Farm tax is no longer a dry subject and there are a lot of concerned farmers out there looking at their future in a completely different light following the budget. Our two online meetings will be a useful resource for farmers to better understand the tax changes and some potential solutions to consider”.

The meeting for Cumbria/Northumberland is being supported by the National Lottery Reaching Communities Fund and by the Defra Welfare Fund for Yorkshire.

Places can be booked by contacting the Farmer Network Head Office on

01768 868614 or e-mailing admin@thefarmernetwork.co.uk

Or use the following Eventbrite links:

Wednesday 11th December 7pm (Cumbria and Northumberland)

Monday 16th December 7.30pm (Yorkshire Dales)