Annabel Candy (FCG WhiteAvon)

As everyone would have heard by now, and are probably fed up with hearing about it, the release of the Budget from our new Labour Government was extremely disappointing and a shock to the agricultural sector.

However, we must all stay in good spirits and remember, as much as this is a difficult and frustrating time, we have adapted before, and we can do it again.  As a community we can switch a negative situation into a positive one!

As part of the new budget, there have been some more helpful elements. These include:

This proves that there have been some positive outcomes as a result of the budget, and we must use them to our advantage!

The inheritance tax proposals have caused dismay among farmers, who have worked hard to provide food for the population and maintain a livelihood for their families.  The introduction of the inheritance tax for properties worth £1 million or more has meant that many farmers won’t be able to afford to pass their hard earnt businesses on to their sons and daughters.

If we act and put in place proactive succession plans, this can help to manage the risk of the new Inheritance Tax.  It has also been established that Inheritance Tax can be paid over 7 to 10 years with interest charged, which may provide some leeway for those hit by this huge tax sum.

Whole of Life insurance is a tool to help alleviate the pressure of inheritance tax as it helps to provide a fixed sum on the death of the donor. 

As a business, the Farm Consultancy Group are here to help and support you during the more challenging times, so please don’t hesitate to contact us regarding any queries or worries you may have.

If you wish to contact us regarding any advice in terms of adapting to the new budget, please contact your local FCG Office or Annabel at annabelcandy@fcgagric.com