Facing the tough conversations around succession and Inheritance Tax for Lincolnshire farming families

Tue 16 Sep 2025

When it comes to succession planning in farming businesses, the biggest hurdle isn’t usually the inheritance tax rules or even the paperwork - it is the people.

For many families, the thought of sitting down with children and relatives to talk about the future of the farm feels overwhelming. Perhaps some of the next generation have already built careers away from the farm and don’t want to return. Others may be working full-time in the business, expecting to take over. And then there is the question of fairness - how should assets be divided between those on the farm and those who are not? These are all emotionally charged issues, so it’s no surprise they often get left for another day. But with major changes to Inheritance Tax due to take effect in April 2026, time is no longer on our side. Delaying these conversations could lead to significant tax liabilities, added financial strain, and, all too often, conflict within families.

It isn’t only the next generation that needs to be considered. Many farming businesses are partnerships between siblings, cousins or other relatives. Without clear plans in place, these situations can quickly become complicated and damaging both for the business and for relationships within the family. 

At Masons, we understand how sensitive and complex these situations can be. As trusted advisors, we are well placed to help you take the very first step: creating a safe, confidential and supportive space to start the conversation. Our role is to listen, to help you think through all the options, and to guide you towards a plan that reflects both your wishes and the realities of your business and your family circumstances.

Once those foundations are in place, we can work alongside your accountants, solicitors and other professional advisors to build a clear and fair succession plan for your farm business.

We know that every landowning family and every farm is different. Our aim is to support you in shaping a personal plan that works for your circumstances, one that provides clarity, reduces uncertainty, and protects both your family and your business for the future.

Succession planning doesn’t happen overnight. It doesn’t have to be daunting. To help you start the process, at Masons Rural, we offer a free 60-minute IHT consultation. We aim to provide an initial review of our clients’ current inheritance tax situation, identify potential areas for improvement, and offer actionable advice to optimise your tax planning.

Firstly, it does have to start and it begins with a conversation. 

For more background, you can listen to  Episode 8 of The Farming Show Podcast from 4.31 minutes in, to 17.36 to hear Masons Rural MD Simon Williams' interview in full with Steve Orchard and discover why sitting down with your family to plan for the future is never a bad idea.

For a confidential, no-obligation discussion, please contact Emma, Abi, Tim, Russell or Simon on 01507 350500 (option 3) or email [email protected]