Succession planning for the farming sector

What happens to the trade of farming and indeed all the farm diversified operations when a farmer dies and what are the consequences? Tax practitioners will be well advised to consider such issues during normal reviews of any business and in the context of future planning there has also been much in the news recently on the problems for dairy and potato farmers with reduced demand from coffee shops and restaurants respectively and what this means for inheritance tax planning. However if these questions have not been addressed they may now take on increased importance during the coronavirus pandemic given the reality of an elderly farming population. The answers lie in the nature of the legal entity the quality of the legal agreements and the executor.

Death of a sole trader

A sole trade operation by definition...