The Chancellor may have put her foot in it but when it comes to accounting for farming families we know our onions

Succession planning for farmers in the wake of the announcement of the reduction of IHT thresholds is not going to be relished by some. The changes mean that an inheritance tax of 50%, at an effective rate of 20%, will be imposed on farms worth over £1million, which had previously been exempt. Under the new proposals, farmers face reduced tax relief on inherited land, making it increasingly difficult to pass farms down through generations without significant financial strain.

At GSM we count many farmers as part of our client family, some of whom we 've represented over four generations. Maybe it 's our knowledge of relevant UK and EU legislation, regulation and beneficial subsidies. Or perhaps it 's our more ethical approach inherent in our services.

One thing is for sure. We know our onions and all manner of produce. And we 've cultivated a wealth of knowledge and expertise over the years. We also know that farming is not just a business to our clients, but a way of life. That is why our approach is tailored to meet the individual needs of each client and their families.

From succession planning to tax relief optimisation, we provide a range of services designed to protect what matters most to you—your farm, your family and your future. Our team can help you navigate the complexities of the new inheritance tax rules, ensuring you retain as much value as possible. We 're here to offer solutions that preserve the family legacy while mitigating the financial impact.

And while our Central London home might seem a world away from the rolling fields of the countryside, it doesn 't stop us from delivering practical and sound advice to farming families across the UK. We 're just as invested in helping you grow your business as you are. With the right planning, we 'll ensure the inheritance you pass down is significant—not the inheritance tax due.

At GSM we understand that the right support and advice can make all the difference in maintaining and growing the legacy of your farming enterprise.

Whether you 're looking for new opportunities, following the Autumn Budget, navigating complex regulations, or planning for future generations, our team is here to guide you every step of the way. Contact GSM today to discuss how we can help secure the future of your family farm, on 020 7935 37930