I have been involved in agriculture for over 30 years now and what has always struck me about the farming community is its resilience in the face of an ever changing industry, where so many variables are out of farmers’ control. Now is no exception: the uncertainty on Brexit continues (albeit with an alleged end of October deadline), major amendments to the subsidy and support systems, and issues with climate change to name just a few.
Farmers will do what they always do – adapt and seize the opportunities wherever possible. Plans will be drawn up, cast aside and revised again and again. As well as improving or replacing income streams, costs need to be consistently examined and changes made to plug the inevitable gaps in income which will arise from the reduction in subsidy payments.
In this issue we have articles from all of the agricultural team, which include development of land, structure of the family business, the generous capital allowances regime and current HMRC thinking on grazing licences. In addition, we also touch on recent developments in inheritance tax.
Changes of course sometimes bring financial, legal and taxation issues and we are here to help you with your plans. If you have any questions or require any further information on any of the articles covered in this issue, please do not hesitate to contact any member of the team.