Monitor Farm Scotland programme premieres succession play online

Tackling potentially difficult discussions on family farm succession, being aware of legal rights surrounding farming and family and understand the complexities of related finance and tax planning is not straightforward, especially after the Budget. Now Monitor Farm Scotland has made its innovative succession play available online, so anyone can see how these sensitive topics might be tackled by a farming family and their professional advisers.

Based on real experience and practical scenarios, Monitor Farm Scotland, with Johnston Carmichael, Virgin Money and Shepherd and Wedderburn, staged three live performances earlier this year at Inverurie, Stirling and St Boswells, bringing issues to the fore, including coping with recent Inheritance Tax changes. Now the play is available to watch online on-demand via the Monitor Farm YouTube channel.

‘Succession, Finance, Legal Rights and Tax Planning: A Play’ takes the format of a round-the-table discussion with a banker, solicitor and accountant with a farming family in the middle. Watch online to see how the discussions go, the key topics and how the advice from different professionals impacts on the farming family at the centre of discussion.

Professionals in the 35-minute film, introduced by Monitor Farm Scotland, include Petra Grunenberg, solicitor and rural team partner at Shepherd and Wedderburn and a rural law accredited specialist; Graham Leith, chartered accountant with Johnston Carmichael; plus Rona Jordan, agricultural business manager with Virgin Money.

Jenn Stewart, partner and head of rural at Johnston Carmichael said: “The film gives the opportunity to see the issues that arise when considering a succession plan, acted out in a family setting.”

Shepherd and Wedderburn’s Petra Grunenberg added: “The aim was to allow real time questions and answers in a less formal setting. This will hopefully make it easier to relate to the subjects being discussed, which are often sensitive issues to deal with.”

Rona Jordan from Virgin Money said: “Role playing brought the issues to life more vividly and made the process more real, rather than technical and abstract. It gives an idea of some of the day-to-day conversations we have with our faming clients and the various scenarios to be considered."

Attendees at a packed performance at Thainstone said the event was very useful. Belinda Muir from Maud, Aberdeenshire, said: “Having a succession discussion acted by professionals who knew their subject well made it sound and feel real. It was easy to understand the main points at a difficult time for farming. Succession will be something we will discuss around our kitchen table.”

Comments from other attendees included: “Get the ball rolling regardless of the situation you are in - have the conversations and make a plan. Tax is unavoidable.” Another said their takeaway was: “Have family meetings. It is important to talk and make plans for the future.”

The meetings also saw Johnston Carmichael’s private client tax team give a topical update, summarising key areas relevant to succession. This session, presented by Nicola Sargeant, is also now available to watch online, covering everything from IHT to partnerships to pensions.

Beth Alexander, Monitor Farm Scotland manager, added: “A play is a different approach to this issue, and watching it should give people encouragement to discuss money, legal and accountancy topics.

“Succession is such a critical issue, especially now, and one which people can find difficult. We hope making this practical approach to it available online will be useful for everyone.”

Watch the succession play here: https://youtu.be/ynH2YLvMOcM?si=x3alwiSJIa5Xpos8

Watch the taxation update here: https://youtu.be/DVlLZ25yWOw?si=mj4GYtDC4uuCdE8c