ROUNDTABLE: Navigating The APR Tax Changes
Rural Policy Group brought together Kent farmers and some of the county’s most respected advisors to the agriculture industry to discuss how farm businesses need to prepare for the incoming changes to Agricultural Property Relief (APR) and Business Property Relief (BPR). The session was bound by Chatham House rules so those present could speak freely and unfiltered.
Farm owners and directors want to pay their fair share of taxes and feel there are alternative ways of applying the tax that are more sympathetic to how farm businesses operate. There are ways of doing it that would support the government’s own ambitions for food security, economic growth and environmental recovery. Whereas current plans are at odds with these goals.
The event provided invaluable insights into how to navigate the evolving landscape of APR and BPR changes, and ensure the continued success and resilience of farm businesses for generations to come.
It offered suggestions to equip farmers with the strategies needed to protect farm assets, mitigate risks and plan for a sustainable future in an ever-changing tax and regulatory environment.
Meet the stellar team of agribusiness specialists working across law, accountancy, tax, farm & land agency, valuation and other specialist advisory areas. And read the resulting briefing paper below.
The Rural Advisors
Mark Lumsdon-Taylor ACA MSc
Partner, MHA MacIntyre Hudson
Christopher Longden
Managing Director, Whitehead Monckton
Stuart Nicholls
Director, Savills
Stuart Chipperfield
Tax Director, MHA
Vicky Hutton-Squire
Director, Hobbs Parker Property Consultants
Steven Menzies
Assistant Manager, MHA
Stuart is a Chartered Accountant specialising in food, farming and rural business across the Southeast. He brings a wealth of lived experience and deep understanding of farming business and family dynamics having grown up on a farm in Scotland.
Alan Mummery
Director, Lambert & Foster
From a farming family in East Kent, Alan joined Lambert & Foster in 1986. He leads the Farm Agency and Auction teams as well as undertaking specialist rural valuations for lending, tax and litigation purposes.
Navigating Tax Changes Briefing Paper
Read or download your copy of the full briefing paper here
Top 5 tips from our panel of farmers and advisors to agriculture:
1. Establish an up-to-date farm valuation and a clear picture of the legal ownership of assets.
2. Investigate alternative ownership structures, trusts and business models to avoid a concentration of assets in any individual’s taxable estate.
3. Discuss succession planning at an earlier life stage.
4. Consider the additional income capital investments need to generate to cover the IHT liability.
5. If time is on your side, wait until we have the APR and BPR legislation before making changes.
Join Rural Policy Group Today
for more news, networking, advice and advocacy for the agri-food supply chain