The results of a recent Barclays survey revealed more than half of farmers have no formal succession plan in place. Yet the timing of when and how the farm is passed on to the next generation can be crucial to securing valuable inheritance tax (IHT) reliefs. Farmers are advised to involve younger members of the family in the business as soon as possible – a partnership with those family members is often the preferred route. However, whether a share in the assets should be passed on at that point is not always clear cut.