Shropshire Farming Talk: Protecting your farm's future - why prenups matter
Let's face it - no one really wants to think about prenuptial agreements when they're planning their wedding. But with big changes coming to farming inheritance tax, it might be worth having that conversation, especially if you're part of a farming family.
Sarah Millington from FBC Manby Bowdler's family team has a practical take on it all.
I know it feels a bit awkward, but here's the thing - farming is unique. Your home is often your business too, and while you might be looking after land worth millions, that doesn't mean you've got spare cash in the bank.
Some pretty significant changes are coming in April 2026 that will affect how inheritance tax works for farms. The full tax relief will only cover the first £1 million of farm and business assets, with less relief after that.
It's quite a big deal - according to farming experts at AHDB, these changes will affect more than three-quarters of larger farms across England and Scotland.
Think of a prenup as a bit like insurance, you hope you'll never need it, but it can save a lot of heartache if you do. It's not about not trusting each other - it's actually about being open and honest from the start.
Having these conversations early can help everyone understand where they stand. That's especially important in farming, where you're often juggling family life, business decisions and trying to protect something that might have been in the family for generations.
The best time to sort this out is when everyone's getting along and can talk things through calmly. Whether you're passing the farm down to the next generation or starting married life yourself, it's worth considering. Yes, it might feel a bit uncomfortable at first, but it's nowhere near as uncomfortable as trying to sort things out if a relationship breaks down.
For advice about prenups for farming families contact Sarah Millington via email at sarah.millington@fbcmb.co.uk or call 01743 284156.
