To farm or not to farm

“If there is no one following on, various questions arise,” he explained. “Firstly, do I sell up and start a new life in different surrounds. Secondly, do I asset strip the farm to a certain extent and let the land on an easier arrangement to a ready and willing third party, of whom there are many available.

“Thirdly, do I consider an alternative arrangement, which will leave me where I am, provide me with an income, protect the capital value of the property and hopefully maintain the tax advantages farmers currently enjoy.

“It is often thought that the third option is too difficult to administer, particularly where livestock are involved. The truth is there are good arrangements readily available, including share farming or share milking agreements for dairy farms.

“These agreements will meet the specific criteria of the farmer, enable him to see the business progress whilst somebody else carries the day to day burden, enable him to take a lump sum out of the business if he so wishes but still leave him as an active farmer with all the benefits that accrue.”

He painted a scenario of a dairy farmer who has ceased milk production and has allowed the buildings to become redundant, thereby diminishing their value and giving the farmstead a rather sad appearance.

“We live in an age where farms have never been more wanted, so to be a farm and land owner is a very desirable position, from which you can make the most whilst suiting your personal circumstances,” he said.

Mr Giles said he and his colleagues at Halls would welcome the opportunity to discuss and provide confidential advice on the best way forward for farmers who are considering their future. Contact Halls on Tel: 01743 284777.