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Main office
COLBURN
5 & 6 BAILEY COURT
COLBURN BUSINESS PARK
RICHMOND
NORTH YORKSHIRE
DL9 4QL
Estate Agency Offices are located in
BARNARD CASTLE, BOROUGHBRIDGE & RICHMOND
Residential Management Team
Our Offices
Having had time to reflect on 2024 over the Christmas break, I can honestly say, “What a year!”
There is no doubt in my mind that last year saw some of the most significant changes in the agricultural sector for generations. We can all relate to the pressures that weather and the threat of disease put on the industry, and these are unlikely to disappear anytime soon. On top of that, the hammer blow that was the new Labour Government’s Budget in October left many feeling as though they had reached a point of insurmountable challenge.
The reality, however, seems to be somewhat different.
As a business, we recognised the need for guidance, assisting farmers to navigate the complexities of the proposed changes to Inheritance Tax, and working closely with accountants and solicitors, to provide the advice required to mitigate future tax liabilities. With this in mind, we hosted eight meetings on farm resilience, tax, and succession, across the north of England, speaking to more than 500 farmers.
We learnt that there is an appetite for knowledge and that farmers, although reeling from the sudden nature in which the bad news was delivered, understand that they need to change to withstand, or recover quickly from, any further challenges.
For the avoidance of doubt, this is the dictionary definition of resilience!
Recognising that the appetite was there, we decided to hold an additional meeting in the new year in west Cumbria. We weren’t disappointed. On a murky, dark evening in Broughton in Furness, farmers came – and they came in force.
A total of 120 farmers attended, seeking answers on how to make their businesses fit for the future, questioning what’s available in terms of support and grants, (unfortunately quite a lot less than during the previous meetings), and how to start the process of succession and tax planning.
The key difference at this meeting was the number of farmers that came ready to set the wheels in motion. There was a clear acceptance of the need to first understand the value of their business assets, and those of the individuals involved, before they can determine the most efficient way to hold and manage them and produce a plan for the future.
The comforting remarks from one attendee, who thanked me for the clarity of our advice and shared that they now believe there is a way forward, reassured me that we are providing the right service and one worth continuing.
With that in mind, I want to emphasise the importance of getting an indicative valuation that includes all assets, not just land and buildings. Advisors will be busy in the coming months with the Finance Act due in the summer and there will be a shortage of good advice available. Don’t miss the boat, start making plans now.
Set a date to bring together all your advisors – land agents / farm advisors, accountants, and solicitors – for meaningful discussions and agree on a clear plan. While the cost of having everyone in the same room may seem high, trust me – it’s an investment that will pale in comparison to the money and stress that will be saved in the future by addressing these issues now.