A FREE seminar intends to help farmers map out succession issues relevant to the future of the family farm.

Latimer Hinks Solicitors, Armstrong Watson, and Promar International host the event at Allerton Court Hotel, Northallerton, on Tuesday, November 4, at 6.30pm for a 7pm start.

The main issues to be discussed include the personal, practical and tax implications of succession for farmers, the succession process and how to ensure the future of the agricultural business.

Speakers include Neil Adams, principal consultant of Promar International, the UK’s largest agricultural and agri-food consultancy; Peter Molyneux, partner of chartered accountants, Armstrong Watson; and Anne Elliott, agricultural partner at Latimer Hinks.

She said: “This seminar will be extremely useful to everyone in the agricultural community who should be planning for the future. Many farming families do not have a succession plan in place. This can be prove to be problematic if there is a dispute or a partner or shareholder wants to leave, or retire or dies.

"He and his immediate family and the other partners or shareholders often have no idea where they stand. Uncertainty leads to insecurity. This can affect not only the business - and potentially its viability - but also family relationships.

"There is little doubt that having in place a succession plan and up-to-date partnership or shareholders agreements, including provisions covering death and retirement, has never been more important.

“There should be a clear agreement and understanding as to how assets are owned and profits - both capital and income - divided amongst the partners. Otherwise this can prove to be a problematic area both practically and from a tax perspective– particularly, where and when relationships break down.”

For further information and to book contact Armstrong Watson on 01609 702 000 or email peter.molyneux@armstrongwatson.co.uk.