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Succession planning in farming businesses requires careful consideration of legal aspects, tax implications, and family dynamics – topics that our Tax Director, Lucy Crow, recently explored as a guest alongside Leanne Gordon from Lindsays and Jennifer Campbell from DM Hall on the Women in Wellies Podcast, hosted by Hannah Lloyd. The episode marked an exciting first for the podcast, being its first educational episode designed to provide expert guidance to women who live and work in the rural sector and may be uncertain about their position, their rights, or how to approach these difficult conversations.
With recent proposals to reform Inheritance Tax (IHT) potentially creating significant challenges for farming businesses, the discussion came at a particularly relevant time. It covers various important scenarios faced by different generations in farming families, providing practical solutions and considerations while discussing how these could affect different farming structures.
The podcast highlighted that many people in agriculture, particularly women, may feel uncomfortable raising questions about succession planning, ownership structures, or their legal position within the business, so understanding your rights and options is essential.
The Women in Wellies podcast aims to inspire and encourage women across rural Scotland to celebrate their success, to recognise their impact and provide a voice for the invaluable contribution women make through sharing stories from those who live and work across the sector in Scotland, and Lucy’s contribution reinforced Henderson Loggie’s commitment to supporting rural businesses.
Haven’t listened to the episode yet? You can hear the full conversation on the Women in Wellies podcast via this link. The episode offers valuable insights for anyone involved in agricultural businesses who wants to better understand succession planning.
If you’d like to discuss any of the issues raised in the podcast or want to explore succession planning options for your agricultural business, please contact Lucy Crow at Henderson Loggie using the contact form below.