At Autumn Budget 2024, the Chancellor proposed significant changes to Agricultural Property Relief (APR) and Business Property Relief (BPR). On 21 July 2025 (Legislation Day or L-Day), the government published draft legislation and accompanying documents, along with the outcome of the consultation on how the reforms will apply to trusts. These confirm that the changes […]
With English Wine Week 2025 having taken place recently, we look at the lifecycle of a vine and the key vineyard accounting points which arise. Vines are usually accounted for as ‘bearer plants’ as a form of biological asset – living plants that are used in the production or supply of agricultural produce, and those […]
Following the introduction of EU CBAM in 2023, the UK government is set to introduce its own Carbon Border Adjustment Mechanism (CBAM) from 1 January 2027. UK CBAM will place an additional tax compliance burden, and potentially a tax cost, on businesses that trade in certain imported goods. It is therefore important to check if […]
Whether you’re buying a rural property to fulfil a life-long dream, to create a legacy for your family or diversifying into natural capital opportunities, understanding the tax and practical implications is crucial. Purchase taxes Stamp Duty Land Tax Stamp Duty Land Tax (SDLT) is charged on the VAT inclusive price of property purchased in England […]
Planting and growing trees retains an appeal for many landowners, and historically forestry has always been viewed as an opportunity where a tax advantage is available while delivering other benefits over time – for example, timber, habitat, or amenity. This appeal may now be greater due to the upcoming changes to Business Property Relief (BPR) […]
Business Property Relief (BPR) and Agricultural Property Relief (APR) can significantly reduce inheritance tax (IHT) payable when a person dies, or in some instances, when assets are gifted to another person or to a trust during their lifetime. Despite changes announced in the 2024 Autumn Budget, BPR and APR remain valuable tax reliefs. Under the […]
A study carried out a few years ago (by the University of Exeter) revealed that only one in five farmers planned to retire in full, with the rest planning to work at various levels of intensity to the day they die. There is also a marked reluctance within the industry to talk about succession. The […]
From April 2025, HMRC will no longer use the VAT definitions of ‘car’ and ‘van’ to classify a double cab pick-up (DCPU) for benefit in kind (BIK) and capital allowance purposes, or when restricting car hire costs for calculating business profits. Instead of treating a double cab pick-up with a payload of one tonne or […]
Business Property Relief (BPR) can significantly reduce inheritance tax (IHT) payable when a person dies, or in some instances, when a person gifts assets to another person or to a trust during their lifetime. Despite the changes announced in the 2024 Autumn Budget, it remains a valuable tax relief. This article summarises how BPR works, […]
It’s no secret that the UK wine industry is continuing to experience rapid growth, with some extraordinarily successful results. Popularity of vineyards in the UK The latest data from trade body Wine GB shows that there are now vines covering 4,209 hectares in England and Wales, a land area which has increased by 123% in […]
