Succession Planning - a MUST for farmers!

Anne was recently invited to speak at a farming conference on Planning for Succession.

The conference was one of the initiatives being taken following the publication of The Yorkshire Rural Support Network's Report 2006 - Succession Planning within Farming Families.

Key points in the report:

• Succession planning should be addressed at an earlier stage, not when the older generation is at the end of their career


• An awareness should be created of the importance of future planning


• Fear of succession planning and the emotional implications prevent families from acknowledging the issue


• Tenanted farmers have limited options and may struggle to change/diversify


• Housing is a barrier to young people entering into the farming business


• Young people are going on to further education and a career before returning home to work, often because there isn't an income available from the farm.

The event was a great success - there was even a write up in the Farmers Guardian.

Due to the success of the event, more conferences are planned in the New Year, hopefully the first of which will be in February. I'll keep you posted as to dates, times etc.

Change, Change and more Change

Normally I embrace change but at the moment it 's a case of too much of a good thing.
How on earth are Tax Lawyers and Accountants supposed to advise their Clients-the CGT rules/legislation are in a permanent state of flux and inevitably they are going to be tinkered with between now and publication of next year's Finance Act - as and when and how Alistair Darling sees fit.

The Pre Budget Statement as far as I am concerned just provides the Government with a sounding board-they float a few ideas/draft measures-see how the public and more specifically the various lobbies respond and then decide what degree of unpopularity they are prepared to countenance and then legislate accordingly.

I am not a political animal-I just like to know what the rules of the game are!!
I suspect I sound like a grumpy old woman but I thought government and legislation was intended to provide certainty-this sort of approach does not instil confidence in the business community.

Still onwards and upwards-I am presenting with professional colleagues in Harrogate tomorrow -talking to members of the farming community on "Planning For Succession" and the need for it-if I am asked by farmers looking to retire whether they go for it now or after April when the proposed CGT revised legislation will be implemented what do I say? They might be better off dying in harness/with their boots on so to speak-ie not retiring and staying involved in the business-but then that might solve CGT issues but generate IHT problems
I wish my crystal ball was a bit bigger and better -and clearer!!

We soldier on