RECENT Government figures show that 71 per cent of farms in England had some diversified activity last year, including renting buildings for non-agricultural purposes and generating solar energy.
A new event next month at Becketts Farm, one of the West Midlands Agri business diversification success stories, will delve into the opportunities of diversification for rural economy businesses, and deliver a timely update on the tax and legislative position for inheritance tax (IHT) as part of farming families' succession planning.
Becketts have been farming in Wythall, south of Birmingham, for over 80 years, with a mission to bring fresh food and farming closer to the people.
Its managing director Adrian Beckett, the fourth generation of the Beckett family to lead the thriving Becketts Farm and Farm Shop Agri enterprise, is the 'Succession and diversification - Protecting the next generation' event's guest keynote speaker. He will share insights on the family's succession and diversification journeys.
The free event will also provide legal updates from succession planning, IHT, private client, land and property legal specialists from award-winning West Midlands law firm Sydney Mitchell, which is organising and hosting the event.
"This event will be an invaluable opportunity to explore some of the most pressing issues facing farming families today," says Lorna Payne, Partner and Wills, Trusts and Probate lawyer at Sydney Mitchell.
"Whether you're already involved in succession planning or just beginning to consider the process, it promises to be informative and make a meaningful difference to every family's farming legacy.
"Considering some of the most recent Office for National Statistics data, which reveals a record 6,365 agriculture, forestry, and fishing businesses ceased trading in the year up to June 2025 - the highest number of closures since it began tracking in 2017 - combined with the government's plans to change thresholds for IHT for farming families, exploring additional income streams and planning to future-proof a family farming enterprise are more of a priority than ever.
"Diversification continues to be a good means to generate new income streams. Little wonder that the number of UK farmers planning to diversify in the next five years has jumped from 3 percent in 2023, to 17 percent in 2024, according to research by NFU Mutual last year.
"This is why we have chosen now to host the first of this new event for rural businesses and farming families," says Lorna.
"Specifically, we will delve into the latest challenges and opportunities presented by Agricultural Property Relief and Business Property Relief.
Additionally, we will explore a range of development and commercial opportunities that can further secure farm sustainability and success, and discuss potential pitfalls that could threaten succession plans, such as divorce and other unforeseen circumstances.
"The event is not only timely, but also a rare opportunity to hear first-hand, the story of Becketts farm, and how it has evolved and diversified during its 80 year history, as well as have vital updates on tax and law considerations surrounding diversification and get guidance on protecting a family run farm for future generations."
Taking place on 6 November 2025 from 2:00pm at Becketts Farm, Wythall, places at the 'Succession and diversification - Protecting the next generation' event are free.
Reserve a place and find out more here: Succession and diversification - Protecting the next generation | Sydney Mitchell Solicitors
Founded over 260 years ago and with offices in Birmingham and Solihull, Sydney Mitchell LLP's specialist team portfolio covers employment, commercial property, company and commercial services, shareholder disputes, contract law, litigation, personal injury, insolvency, residential property, dispute resolution, immigration, wills and probate, tax and trusts, personal injury, as well as family and child law.
It is a Top Tier Legal 500 firm, Lexcel accredited, seven-times winner of the Birmingham Law Society Firm of the Year (5-15 partners) / Regional Law Firm, and won the Excellence in Professional Services award in the Nachural Signature Awards 2025 Birmingham.