While last week's Budget has sent shockwaves through the rural business community, there was still plenty of time to take stock, get some good advice and plan for the future.
Changes to Agricultural Property Relief (APR) and Business Property Relief (BPR) from April 2026 have grabbed the headlines, and Andrew Shirley, chief surveyor at the CLA, told the show that their own modelling had estimated about 70,000 farms would be affected.
"All relievable assets are being classed the same so the more diversified you are, the more exposed you are," said Mr Shirley.
READ NOW: Zeichner defends Budget APR changes while claiming to understand 'farmers' anxiety'
He said businesses would need to weigh up passing on the farm to the next generation in lifetime versus the Inheritance Tax impact of continuing to own the farm on death.
The use of trusts in family tax planning should not be overlooked and may be a preferred option over the outright gift in some cases.
Samuel Nobbs, senior rural surveyor at Bidwells, said while the Budget announcement might not bring the growth and investment the Chancellor had set out to achieve, the outlook could be worse and changing mindsets when it comes to succession and the viability of family farms in the future should be seen as a positive thing.
He added: "We are in the new world now and I would not recommend waiting to see if the next Government rows back on any of the changes.
"For those businesses which are in a position to do so, look at business structure and what is feasible for the enterprise, rather than letting the tax tail wag the dog."
Chris Coupland, partner in law firm Birketts, said the Budget had uncovered a disconnect in between what rural businesses deliver for the rural economy and what the public and Government think they deliver.
All the panellists encouraged audience members to pledge their support to campaigns such as FG's Save Britain's Family Farms campaign and sign the NFU's petition.
Mr Coupland added: "Of course it is easier to plan if you are in your 50s than if you are in your 70s or 80s and a lot of people will be caught out and will not be able to do the restructuring that the need to.
"IHT can be cruel in the way it works."
