Farmers in Powys are taking steps to tackle one of the industry’s most difficult issues - how to pass farms on to the next generation.

The challenge of inheritance and succession has come into sharper focus since proposed changes to inheritance tax were brought forward by the UK Government in 2024.

In response, two groups of farming families have been brought together in the Welshpool area through the Agrisgôp programme, which supports business development through shared learning.

The groups were split between parents looking to plan how to hand over their farms, and younger family members preparing to take on responsibility.

Communication between generations quickly emerged as a key issue.

Agrisgôp leader Elaine Rees Jones, who organised the sessions, said the meetings had given farmers space to discuss what is often a private matter.

“The meetings have offered the opportunity to gain professional and peer advice, time away from the farm to assess situations, and a safe, confidential space for discussion,’’ she said.

“The group members have shared any concerns and apprehension whilst getting to grips with understanding the subject and the enormity of it, and hopefully devising an action plan.

“Personally, I have found the honesty and openness of the group members in sharing their individual experiences, situations and emotions very humbling, it has been a pleasure to have been involved.’’

One farming couple, who are working to pass their business on to their two sons, said the group had helped them take action.

“It has made us tackle things; we were already looking at succession before the Rachel Reeves budget last year so for us it hasn’t been a knee-jerk reaction,” they said.

“It is a very complicated process, there is often no easy answers, and it will be different for every business, but the support of Agrisgôp has been incredibly helpful. It has meant that when we have gone into meetings with our solicitors and accountants, we haven’t done so uninformed, just blindly accepting what they are telling us.’’

Another member said she previously found succession planning “mind-blowing”.

“Hearing from experts really has helped to better inform me, it has emphasised just how important it is to be prepared,” she said.

The programme included sessions with legal, financial and land experts, covering issues such as wills, tax planning and property ownership.

Speakers warned that not having a will in place could have serious consequences. In one example, a young farming family faced complications after a sudden death, with inheritance divided under intestacy rules.

From April 2027, pension savings will also be included in inheritance tax calculations, potentially increasing liabilities.

Farm valuations and ownership records were also highlighted as critical, with warnings that Land Registry records do not always match farmers’ assumptions.

“Consider what your priorities are, the pros and cons of different approaches,’’ one adviser said. “There is no one size fits all magic answer, all farms are different.’’

Farmers can get advice and legal support through the Farming Connect Succession Pathway. Call 03456 000 813 for information.