There have been several announcements on changes to National Insurance (NIC’s) rules and rates over the last year or so. It is easy to lose track of these, here we review the changes and how they impact on individuals and businesses.
It feels very much like a game of two halves within agriculture and our client base currently, with many sectors having had a reasonable last 12 months due to decent livestock prices and commodity prices. However, we should not underestimate the severe difficulties the pig industry especially is having.
Whilst the Chancellor’s measures are all welcome, they are just a drop in the ocean compared to the massive increase in input costs faced by farmers in recent months.
Farmers and landowners are currently being bombarded with ideas of how they can manage their land differently to produce environmental benefit. For farmers who have been brought up to believe that their role was to produce food, this is not an easy transition. Here I look at the possible tax consequences from signing up to these schemes…
Despite widespread speculation on likely changes to Capital Gains Tax (CGT) and Inheritance Tax (IHT) the Chancellor refrained from any reform of these taxes in 2021. What does this mean for farm businesses?
Earlier this year, DEFRA announced it was planning to introduce a lump sum retirement scheme for farmers in England, which was due to open for applications next spring. More detail on the scheme rules was to be published by Autumn 2021 but we are still waiting for anything further causing frustration for those considering retirement.