The 2023 Budget ‘packed a surprising punch’ for farmers. Not just a consultation on the taxation of ecosystems but also consideration around farm tenancies as a large amount of UK farmland is let. The consultation called for views on restricting agricultural property relief (APR) at 100% to farm business tenancies (FBTs) that run for a minimum period of at least eight years. This is an area where there is a great deal of controversy following the Rock Review on agricultural tenancies (tinyurl.com/yc8h3bdd) and it is essential for all farm tax advisers and those advisers that act for landowners and also recent investors in farmland to be aware.
The results of the consultation are still awaited but the government has responded and accepted the majority of the Rock Review and has begun implementing this.
The government is exploring:
- the impact of restricting...
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