The Treasury has signalled a forthcoming capital tax raid, which could hit farming businesses disproportionately, says Chris Solt of Lovewell Blake.
Future of subsidies and climate change revealed as key farming challenges – but majority still optimistic about the future, says new survey
The future of subsidies, climate change, and price volatility are the main challenges facing farming, according to a major new survey of farm businesses conducted by a leading East Anglian firm of chartered accountants as part of a national study.
Earlier this month, The Rural Accountancy Group (RAG), of which Lovewell Blake is a member, launched its UK Industry Survey across farm businesses in England, Scotland and Wales.
With the existing area-based payments being halved by 2024 on the way to being fully abolished by 2028, Environment Secretary George Eustice has already told farmers that the future of subsidies will be through Environmental Land Management Schemes.
Last year the Prime Minister laid out a ten-point plan for a “green industrial revolution” to aid the UK Government’s Net Zero greenhouse gas emissions target by 2050.
If we cast our minds back to the Autumn of 2019…
The government have confirmed the £1 million Annual Investment Allowance (AIA) will be extended until 1 January 2022.
The passing of the Agriculture Act, the first piece of domestic legislation covering farming for more than seven decades, sets out how Britain will farm for generations to come – and importantly it includes food standards protections.