Farm Businesses Should Prepare For The Future

Seminars to help farm businesses financially plan and prepare for any future ownership transfer

In Northern Ireland, the majority of farm businesses are run as sole traders or partnerships. Subsequently the transferring of ownership can be very stressful and needs to be planned well in advance.

The College of Agriculture Food and Rural Enterprise, in conjunction with the Ulster Farmers Union (UFU), the Department of Agriculture and Rural Development (DARD) and the Northern Ireland Agricultural Producers (NIAPA), is running a series of financial planning events to educate farmers of the importance of protecting their assets should the worst happen.

Tax reliefs

Martin Malone, NFU Mutual regional manager for Northern Ireland, said: “Succession planning should be a priority for all family businesses – particularly for farms. Even a basic plan will help to ensure a farm or business will continue to run smoothly when it has to change hands.

“There are generous tax reliefs available to farmers – from Inheritance Tax to retirement planning – but it’s all-too easy to step outside the rules which could leave you or your family worse off.

Seminar details

Each seminar will run for approximately 45 minutes. For more details, contact: Mervyn Priestley, financial planning manager at NFU Mutual on Tel 028 9081 8657.