Farm succession happens later rather than sooner in many farm family situations and this probably accounts for the fact that the average farmer is nearly 60 years of age.
In my experience, many successors are in their forties by the time the farm is handed over, and this means that they may have missed out on a lot of very valuable incentives.
Probably the best known and most successful incentive towards farm succession has been the Stamp Duty exemption for those successors under age 35.
Unfortunately, this is frequently left to the last minute when that 35th birthday is looming. I recently had a telephone call from a solicitor seeking the obligatory Farm Business Plan one day before the transferee’s 35th birthday.