The Harcourts: A story of family succession

Planning family wealth

At Foot Anstey, we understand that planning for the future of family wealth is rarely straightforward. Modern families often balance a mix of business interests, property, investments, and personal relationships, alongside evolving tax rules and legal considerations. Our series of articles use the Harcourt family to bring these issues to life. Through their story, we explore the practical challenges of intergenerational planning, from succession and asset protection to diversification, dispute risk and changing tax landscapes. Our aim is to provide clear, accessible insights into the decisions families face, while showing how thoughtful, joined-up advice can help protect what matters most.

The Harcourt family

Richard Harcourt married Eleanor Harcourt in 1978 and subsequently inherited Harcourt Farm in Somerset in his late thirties. At that point, the holding comprised approximately 300 acres of dairy land operated as a family farming business. Over the following decades, Richard expanded the landholding to around 850 acres, materially increasing both the scale and value of the farming operation.

In addition to land, trading businesses and investment assets, the Harcourt family holds a collection of artworks and historic objects accumulated over several decades. Some items have been displayed at Harcourt Farm, while others are held in storage or loaned periodically for exhibition.

Richard and Eleanor have also built up significant pension provision, primarily through a combination of occupational pension schemes, SIPPs and retained profits invested over time. While these arrangements were initially intended to fund retirement, they now form an important part of wider estate planning discussions, particularly given the 2027 changes to the tax treatment of pension wealth on death.

Now in his seventies, Richard’s health is declining, and the family faces difficult decisions about the future of the farm and its assets. Richard and Eleanor have three adult children: Oliver, Clara, and James, who are all married and have children.

Disposal of land

As part of longer‑term planning for the farm, Richard sold 120 acres of land for residential development. The disposal generated substantial liquidity but also triggered immediate and longer‑term tax considerations, including Capital Gains Tax exposure on development land and reduced availability of Agricultural Property Relief for IHT purposes.

The sale proceeds were used to fund a programme of diversification and restructuring. Some capital was reinvested into the core farming operation, while other elements were allocated to non‑agricultural ventures and environmental initiatives.