The changes proposed by the Agricultural Transition Plan 2021-2024 will undoubtedly affect many farming businesses, both landowners and tenants alike.
The quick change from area based payments to payments for public goods will impact on the viability of many businesses and there is an immediate need to review the assets held and how they are managed. This will require care to protect the viability of the existing business, take opportunities of new ventures and planning this in a tax efficient way. A review must also consider the value and use of assets held, any current or future tenancy matters, taxation planning and the wishes for future succession.
There will be opportunities for most businesses, difficult times for many and change for nearly all. The need to plan a future for your business has never been greater and in these uncertain times, professional advice and guidance is crucial.
At Lister Haigh, our specialist team of Chartered Surveyors can advise you and your business on the new schemes, diversification projects, consents required, development schemes and taxation and succession planning. For a confidential and impartial discussion, please contact a member of our team on 01423 860322.