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Planning for the future and the pitfalls of succession

Moore (South) were pleased to join forces with Pitmans to co-sponsor the local Isle of Wight CLA event and light lunch at The Bargeman's Rest in Newport on Wednesday 18 March. Topics in discussion included planning for the future and the pitfalls of succession.



Handing over the business to the next generation and contemplating a new business structure is a challenge for many agricultural businesses. The feasibility of any diversification or restructuring must be considered carefully - for agricultural estates and farming businesses need to go one step further and be mindful of the value of inheritance tax reliefs and the risks associated with disturbing these.

Planning for the future can involve dealing with complex legal, tax, financial and emotional aspects. Two very useful tools to protect farm assets are well drafted wills and a consistent and comprehensive partnership agreement.

Mark Metcalfe and John Newton from Pitmans kicked off the seminar with their review of trading structures and cautionary words on the world of real estate and planning limitations. And David Ainslie - also of Pitmans - later reminded members of key issues that arise on the making of wills and advice on preparing a Letter of Wishes.

Esme Shakeshaft, Partner of Moore (South)'s Isle of Wight office followed through with how to avoid the tax pitfalls of succession - protecting the farmhouse and maximising business property relief. Esme will also be supporting the CLA's Holiday Let Master Class at the Garlic Farm on 18 May 2015 and would be delighted to see you there.

If you would like advice on diversification, business structures and a review of your current exposure to inheritance tax please contact Esme on 01983 824812 or email [email protected]