The tenant farming commissioner, Bob McIntosh, has recently published a new guide setting out how an agricultural tenancy can be passed on. In our experience, having a succession plan in place for your agricultural tenancy is crucial to ensure that the next generation can step in.
Agricultural tenancies can be particularly complex (and time-sensitive) and therefore planning can be of great benefit to iron out any issues in advance. This new guide is a useful starting point for anyone who has an agricultural tenancy and is beginning to look at their succession plan.
Succession planning is important in any business and no less so for farming businesses, especially where a tenant wishes to pass on the tenancy to another person, normally someone in their extended family. A new guide published today, 26 August 2019, by the Tenant Farming Commissioner, Bob McIntosh, summarises some of the legal basics and outlines the ways in which an agricultural tenancy can be passed on to another person.