Welcome to the Spring Edition of our Agriculture and Farming Newsletter
As I write this introduction the sun is streaming through my window which helps lift the spirits at a time when one can readily feel gloomy about the challenges facing the farming industry.
M uch has been reported about Rachel Reeves’ proposals to change the rules for inheritance tax on family farms and certainly in the last few months we as a firm have been busy supporting our clients understand the potential impact of the announcements. For many this has meant devising strategies to mitigate that impact which, in the majority of cases, is a potential inheritance tax bill that the farm cannot sustain from ordinary operating cashflows. At the beginning of March we held a successful online conference in association with Fram Farmers and the Suffolk Agricultural Association and we share some of the topics we covered in this newsletter which I hope you’ll find useful. Details of how to watch that conference are provided in the article on page 5. Since that event we heard the shock announcement of the closure of the Sustainable Farming Incentive and now many farmers whose applications were not yet processed are left with a hole in their cashflow.
With softening commodity prices heading into what is likely to be the tightest cash position of their business ahead of harvest, this will be challenging for many. And it’s another blow from a government that’s doing a good job of alienating itself from the rural community and countryside who are such a key sector to the wider economy and wellbeing of the general public. I very much hope you find our newsletter of interest and as ever should you wish to discuss any aspect further, please do not hesitate to contact myself or a member of our specialist agriculture team. Of course, show season will be soon upon us so let’s hope the sun continues to shine. You can find details of where we’ll be and when at the end of this newsletter. I’m looking forward to catching up with clients, friends and contacts both old and new - there will certainly be much to talk about!
Nick Banks Business Advisory Partner
AGRICULTURE AND FARMING | SCRUTTON BLAND | 3
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