Update from Johanna Musson
Stronger farms, stronger futures
We hosted a well-attended breakfast meeting this month to discuss steps after the inheritance tax changes.
NFU Mutual Financial Adviser Matt Winrow gave an overview of the tax changes and the difference in tax bills, whether you are single, married or widowed. Some of the solutions available are:
- Life insurance in trust. To provide money to help pay the tax. This can be paid quickly before probate
- Whole of life insurance
- Lifetime gifts, with insurance to cover the seven year clause
Charlie Bryant, partner at Brown & Co, put a positive spin on the situation, speaking on the opportunity for farmers, growers and landowners to take control of the process.
- You need to decide what is best for you and the business.
- A clear conversation is needed with the family involved. As he said: “The best life is at the end of a difficult conversation.”
Paul Horton, partner at Wilkin Chapman Rollits, spoke on wills, trusts and lasting power of attorney.
- Get a will done! It puts structure in place for what you would like to do
- Pre and post nuptial agreements
- Communication with those involved is essential
Adam Milson, partner at Forester Boyd, spoke of tax mitigation and succession considerations - think of people rather than tax.
- Know your current position - Include assets, gifts from previous 7 years, and include pensions from April 2027
- Succession considerations – Structure, income requirements, whether to retire or stay involved, house, circumstances and timeline
- Deathbed tax planning- it's never too late!
He also spoke on tax planning needed for renewables and residential development, and the place for family investment companies.
Our professionals all agreed that communication is so important and conversations need to happen as soon as possible, involving external professionals at an early stage.
The positive from legislation change is that these conversations are starting earlier.
With this message in mind, please save the date for our next online meeting:
Facilitating the difficult conversations
3 June 2026 | 7pm
Microsoft Teams
Sugar beet meeting
Our Midlands sugar beet growers will be receiving an invitation to an on-farm meeting kindly hosted by Michael and Robert Coy at Lodge Farm, Burton Pedwardine on 28th May.
We will be joined by NFU Sugar Board Chair, Kit Papworth, and Professor Mark Stevens. I hope to see you there.
Join our NFU Lincolnshire WhatsApp Group
We have a new WhatsApp group for sharing updates, events and activity from your NFU team in Lincolnshire.