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Autumn Statement 2023

 

Following the Autumn Statement 2023 delivered by the Chancellor Jeremy Hunt on Wednesday 22 November we attach a link to our summary of the key points that were announced.

The Autumn Statement had been initially trailed as focusing on the longer-term issues facing the country, but Mr Hunt decided to prioritise short-term tax cuts over maintaining future expenditure. The most headline-grabbing immediate moves were cuts to national insurance and placing the expensing of corporate investment onto a permanent basis.

Some of the rumoured changes, such as inheritance tax reform, did not appear, but there is still a chance – the Spring Budget is due to take place in March next year.  The report on the consultation of the tax treatment of natural capital, including the availability of Agricultural Property Relief, will also now be delivered in the Spring.

Some of the key announcements included:...

2023

Another successful year at Groundswell with over 7000 visitors.

Thank you to all who came to see us 

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Groundswell 2023

Gary Markham speaks about Regen Ag.

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Gary Markham, LFB Director, speaking at Groundswell 

LFB Annual Conference 2023

The conference videos are now available to view below!

Delighted that we’ve hosted another very successful LFB Conference with over 100 attendees at Abbots Ripton Village Hall.

 

As in previous years, there have been interesting and engaging topics and debates. This year’s topics included carbon and environmental assets, arable crop marketing, and banking facilities available.

 

Thank you to our speakers Sara Brouillette - CLA, James BolesworthCRM Agri  and James Milne Barclays and to all those who attended and enjoyed a great afternoon!

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Debate: Will HMRC Inherit your farm?

Gary Markham  20:01

PRESS RELEASE:

The question was asked – do you have a Will?

The results were astonishing but the results of our second question were even more shocking...

LFB Conference 2023 - Benchmarking

Gary Markham  11:16

Is there any point in marketing your grain in a volatile world?

James Bolesworth  26:02

Natural Capital – Should we be doing anything?

Sara Brouillette  28:48

How we lend to our Agriculture CustomersCosts

James Milne  20:45

SPRING BUDGET

What it means for your farm business

Gary Markham speaks to Hugh Broom at Farmers Weekly

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00:00 / 10:14

Farming Partnerships Caught up in Trust Registration Service

  • There has been debate for many months as to whether farming partnerships should register with the Trust Registration Service set up by HMRC

  • Based on recent confirmation from HMRC many will now have to register

  • We shall be contacting our clients individually to advise them of any action

  • Our Tax Team detailed below, are available to advise farming businesses

There have been huge discussions in the industry about Biodiversity Net Gain (BNG) and Carbon and we felt we needed some down to earth explanations of both and what our clients can do to capitalise on them. LFB have recently held a series of interesting workshops in our offices. See below for more information

One of the most common misunderstandings about the English Biodiversity Net Gain (BNG) market is that the marketplace for any particular units created will be restricted to within the same Local Planning Authority (LPA) or the adjoining one. This confusion comes from…

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Andrew Voysey and Lyndon Cathers from Soil Capital discussed some of the myths about carbon, how the system works and how we can capitalise on the value whilst protecting the carbon on our farms.

To access Soil Capital’s free online simulator and understand your carbon earnings potential just fill in this short form: 
https://share.hsforms.com/11hY8hSrfTyyn7LuzxtZZSA4psv6

Autumn Budget 2022
What it means for the farming industry

Overall, the Budget was fairly good news for the farming industry compared with some of the recent expectations – however there is a sting in the tail which I mention at the end.

 

Most tax allowances and bands were already frozen, and this will continue until April 2028 for the income tax personal allowance and higher rate threshold, as well as the main National Insurance, VAT, and inheritance tax thresholds.  

 

The income tax additional rate threshold will be reduced....

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How do you pass on a £1bn estate?

Gary Markham speaks to Charlotte Cunningham

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PREVIOUS TOPICS

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2022

We were delighted to have a stand at Groundswell with a fantastic turnout this year!

Gary Markham hosted a lively and interesting debate - Does it make financial sense to go Regen Agriculture in the current economic climate? joined by a panel including Mike Purnell, Ian Watson and Roger Davis.

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Does it make financial sense to go Regen Agriculture in the current economic climate?

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Groundswell 2022 Presentation

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Groundswell Benchmarking

LFB Annual Conference 2022

IN CONJUNCTION WITH SENTRY LTD

It was fantastic to welcome people back to our Annual Conference and Debate this year!
Thanks to George Thomas and Alec Smith from Sentry Limited for their discussions "Making money from Natural Capital" and "Benchmarking, Sentry Analytics". Also to Emma Wilcock from Accession Rural Wealth Management for discussing Succession Planning. Some really interesting points were raised during the panel discussion on "Should you be handing down your farm now?"  with Gary Markham at the helm! 

Great turnout, great debate and great food!

LFB Conference 2022 - Welcome

Gary Markham  14:18

Making Money out of Natural Capital

George Thomas  23:03

Succession

Emma Wilcock  21:35

Benchmarking, Sentry Analytics Variable Costs vs Fixed Costs

Alec Smith  16:40

Q&A-Should you be handing down your farm now?

Gary Markham  14:58

Budget 2021

Following on from the Budget any speculated reforms to capital taxes received scant attention albeit with a somewhat ominous postponement of any pain until 2026, therein lies the big unknown. We now await with interest the Treasury’s tax consultation publication which is due on 23rd of March and could provide a greater insight into the thinking on CGT rates, BPR/IHT and pensions. We will keep you posted.

Please click here for a brief Budget overview and as always the team are on hand to discuss any questions you may have in more detail.

Benchmarking Conference February 2021

 

We are delighted that our online conference held in February 2021 provoked some interesting questions and our guest speakers were happy to respond. 

Although the conference ended on 28 February the following videos are still available 

Diversification – Tax Implications -

Arthey Associates

Groundswell –

Regenerative Agriculture 3 Years On

Tax Snippets – Small Steps for Big Wins

Pre Tax Year-end Planning

Guest Emma Wilcock -

Accession Rural Wealth Management

Joint Ventures? – Decision Matrix

LFB Benchmarking Results

Guest William Tongue - Berrys

No BPS – Rental Levels?  

William Tongue and Gary Markham in discussion

ARTICLES

Publications

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Tax Rates 2024/25

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