tax

How could the Budget affect tax and estate planning?

Sarah Baker, AHDB head of economics, said: "These changes may encourage farmers to think about succession earlier than they would otherwise. For example, there is a seven-year rule which applies in the case of land transfers. This means that any land gifted to an individual will be free of inheritance tax after seven years."

The Farmers Guardian news team give their analysis of the Chancellor's Budget

The CLA is asking farmers and rural businesses to sign a letter which will be forwarded to MPs

In a joint letter to the Chancellor, farming unions warned how changes to APR could have a significant impact on tenant farmers, family farms, domestic food security and environmental delivery

"There will be no family farms left"

"The unequivocal case for an increased, ring-fenced and multi-annual UK farming budget was made clear once again"

"Sometimes we go without eating so our children can eat. Despite already working over 80 hours, seven days a week, I was told I would need to get another job. It is appalling"

The CLA said more than 27,000 farm businesses could be impacted by an inheritance tax reduction, potentially leading to 190,000 people out of work

Mr Ireland also said clauses in tenancy agreements for ‘agricultural use only' must change as they do not fit with the ‘entrepreneurial' ambition of tenants