The Land and Rural Practice Group at Saffery is urging the UK government to move quickly in providing much needed clarification on the taxation of the environmental land management and ecosystem service markets, and the use of land in such schemes.
This follows an acknowledgment in the November Autumn Statement that responses to the consultation were being reviewed and that a further update was intended in Spring 2024. It had been hoped that some announcement would be made in the Autumn Statement.
Martyn Dobinson, Partner, and a member of the firm’s Land and Rural Practice Group says:
“We really do need some clarity on this, particularly around qualification of land used in such schemes for inheritance tax (IHT) reliefs. The current uncertainty is holding back many of our land-owning clients from fully engaging with these schemes and therefore helping to drive these government initiatives.
“We very much hope that the outcome of the consultation, and some clear guidance, is announced in the Spring Budget so that landowners can start to properly explore the opportunities that these schemes provide.”