Webinar: Succession Planning for Family Farming Businesses - 22 September 2020
- 08.00 Los Angeles, Vancouver
- 11:00 Toronto, New York
- 12.00 São Paulo
- 15:00 GMT/UTC
- 16.00 London
- 17.00 Paris, Berlin
- *Convert other timezones
The biggest problem for farmers, according to recent surveys, is the lack of succession plans. Succession in farming is however complicated, with the following issues needing to be considered:
● how the assets of the farm are owned and what the appropriate structure for tax purposes is;
● who is occupying the land and buildings and on what basis;
● what each member of the family wants or needs from the farm;
● the longer term direction of the farm and its business;
● what role each member of the family will play now and in the future;
● how you balance the interests of those working in the business and those that are not.
The situation is more complex this year with the quadruple effect of the loss of subsidies through Brexit, the effects of COVID-19 on the farming supply chain, an economic recession, and possible changes to inheritance tax and capital gains tax reliefs on death. Meanwhile, the industry is facing an ageing workforce and limited opportunities for new entrants.
Is it the right time to consider succession when valuations may be depressed due to these factors?
How can we bring the next generation on board and start those conversations with our farming family clients?
In this webinar attendees will hear from three leading experts. James Copeland of the NFU will cover the current economic impacts of COVID-19 and Brexit on farming and what can be done to minimise this loss of income through, amongst other matters, diversification and sales of land. Steve Roberts will cover the current tax breaks, possible changes to taxation, and why it is imperative to start planning now. Matthew Woods TEP will look at some live cases from his practice and the general best-practice succession planning he recommends.
- MODERATOR: Amanda Simmonds TEP, Senior Associate, Lupton Fawcett LLP
- James Copeland, Environment and Land Use Adviser, NFU
- Steve Roberts, Senior Manager, Sagars
- Matthew Woods TEP, Partner, Withers LLP
A live webinar accessible by web (both for audio and visuals) from your computer, tablet or smartphone. In a designated session towards the end, attendees will have the opportunity to ask live questions of the speakers.
To join the webinar at the designated time, prior registration is required.
Following registration, registrants will receive an email containing instructions for joining the webinar.