Agri Matters - Post-Budget Edition - Providing the latest financial and legislation news and updates for farmers
Welcome to a special post-budget edition of Agri Matters
The budget announcement on 30 October has undoubtedly sent shockwaves through the farming community, leading to widespread anger, frustration, and concern.
What Happens Next?
Despite the government's assertion that 75% of family farms will remain unaffected, we believe this is not the case. It's crucial to take the time to thoroughly evaluate the implications of these proposals. Making hasty decisions now could lead to unintended consequences in the future.
This edition has advice on what the future looks like for Inheritance Tax and planning, and we have also looked at the impact of the changes to the rates of Capital Gains Tax which, unlike the proposed changes to Inheritance, were effective immediately.
The tax treatment of Double Cab Pickups is changing as well, and we have included a run down of the new regime which will be effective from April 2026.
Furnished Holiday Lets are also subject to change, and our article follows up on the announcement made at the end of August and confirmed in the budget statement.
These are uncertain times for farmers. We share your concerns and appreciate that you will be worried and want to establish what the way forward for you and your families will look like. Everyone’s situation will be different.
Above all, we are here to help and will continue to keep you updated on any developments as we go along.
If any of these topics resonate with you, if you’re facing other agricultural issues or would just like to chat with a friendly face, we’re here to help. Reach out to us via email at help@armstrongwatson.co.uk or call 0808 144 5575
David Threlkeld
Partner & Head of Agriculture
Options to explore for farm businesses following the Autumn Budget
While the Autumn Budget 2024 will have come as a seismic shock to many farming businesses, it’s important to take the time to properly digest the announcements, take the appropriate advice, and consider the alternatives...
Inheritance tax planning for farmers following Autumn BudgetSignificant changes to Inheritance Tax (IHT) announced in the Autumn Budget, causing anger and worry within the farming community. However, it is essential that we stay calm. Changes do not come into play until 6th April 2026 and there are steps that can be taken in most cases to reduce or eliminate increased IHT liabilities... 
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Capital Gains Tax and Inheritance Tax on agricultural land and farmsSelling or transferring agricultural land and farms can have significant tax implications. Given the changes announced in the Autumn Budget 2024, it is important to consider the current rates and the implication of future increases... 
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Financial Planning - Don’t panic! Unpacking the 2024 Autumn Budget
There are two clear headlines for financial planners and our clients from the Autumn Budget - unused pensions are to become subject to Inheritance Tax, while Capital Gains Tax rates have increased and the ISA allowance was ignored...
Double cab pickupsSlipped into the main Autumn Budget document was the announcement that Double Cab Pick-ups (DCPU) will be treated as cars from 6 April 2025 - a measure that was first mooted by the previous government earlier this year and then reneged on... 
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Furnished holiday let changes: options for FHL disposalsThe Furnished Holiday Let (FHL) regime is set to be abolished from April 2025. If you are planning to dispose of your furnished holiday let, you will need to consider various factors that will impact your tax liability. 
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What farming costs can be classed as business expenses?
Expenses necessary to operate a farm are generally deductible business expenses, however it’s important to know what costs are allowable and those that are not...
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