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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
Commenting on the Budget, James Bush, Head of Farm Business said “A mixed bag of a Budget for farmers. On the positive side, many had feared further pressure on the IHT front but instead we’ve seen the introduction of a transferable £1 million 100% relief allowance between spouses. While the details still need to be clarified, this change should make a meaningful difference. It offers greater flexibility for most families and will significantly simplify the complexities of will planning.
“Increases to the National Minimum Wage and the National Living Wage will have a significant effect throughout the industry, not just because of the 4% increase, but the compounded effect of the already increased NIC payable by employers from last year’s Budget. We are already in a difficult position with labour in the industry and this will not make it any easier for Agricultural employers to source and afford appropriate labour.
“The proposed 2% tax surcharge on property and investment income is another cost that we were not expecting to see and will have an effect on farming businesses with rental properties. Whilst this is set at 2% now, we will have to see what the future holds in respect of any increases. This could be the last straw for some landlords. For diversified farms it will come down to whether the increased tax on property income is offset by other changes announced around business rates and ‘tourist tax’ measures. Also, any farmers who are in a position to invest money to pay future IHT charges will face an additional surcharge on their investments.”